Circle Shares Fall as Revenue Miss Overshadows Quarterly Profit Beat

Circle's shares fell nearly 4% in early trading after the company reported a quarterly profit beat, but revenue missed expectations.

The stablecoin issuer said its net income was 18 cents per share attributable to common shareholders in the quarter ended June 30, surpassing analysts' estimates of 17 cents per share.

Circle's USDC token saw increased adoption during the quarter, with circulation rising 19% to $73.3 billion and onchain transaction volume jumping 151% year-over-year.

The company's revenue rose 7% to $701.3 million in the quarter, but fell short of estimates of $717.5 million.