Circle Internet Corp. (CRCL) shares plummeted 5.16% during Monday's intraday trading session, reversing earlier pre-market gains following the company's first-quarter earnings release.
The stablecoin issuer reported quarterly earnings of $0.21 per share, beating analysts' estimates of $0.19. However, total revenue and reserve income of $694 million fell short of the $722.4 million expected by analysts, representing a revenue miss despite 20% year-over-year growth.
Investors initially responded positively to the earnings beat in pre-market trading, sending shares higher, but the focus shifted to the revenue shortfall as regular trading commenced. The company's results showed continued growth in USDC circulation, which reached $77 billion, up 28% year-over-year, but this was offset by concerns about the revenue miss and a 15% decline in net income from continuing operations to $55 million.
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