Circle Shares Soar on Beaten Q2 Earnings and Record USDC Growth
Circle Internet Group's stock jumped 5% during pre-market hours on August 5th, driven by stronger-than-expected Q2 earnings. The company reported $701M in revenue, a 7% annual growth rate that fell short of analysts' expectations.
However, Circle beat forecasts on adjusted earnings with 18 cents per share, surpassing the predicted 16 cents. This was seen as a positive sign despite the slight miss on revenue targets.
The USDC stablecoin saw significant growth, reaching $73.3B in supply by the end of Q2, a 19% year-over-year increase. The coin's on-chain transfer volume also surged by 150% to $14.8 trillion.
Circle CEO Jeremy Allaire attributed the results to external factors, stating that 'the current rate environment and a crypto market that has slowed' contributed to the performance.