Circle shares jump as earnings beat offsets revenue miss, Arc blockchain gains Wall Street backing
Circle reported mixed second-quarter financial results, beating earnings estimates despite a slight revenue miss. The company is preparing to launch its Arc blockchain network, which has secured support from major financial institutions like BlackRock and Mastercard.
The company posted adjusted earnings of 18 cents a share, beating analysts' consensus estimate of 16 cents, while revenue and reserve income rose 7% from a year earlier to $701 million, missing expectations of $712 million. Net income from continuing operations reached $48 million, topping analysts' estimates of $43 million, while adjusted EBITDA climbed 8% to $143 million.
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