Circle Internet Group, Inc. (NASDAQ:CRCL) shares are edging higher Monday after the company reported first-quarter earnings.
- Circle shares are trending higher. Why are CRCL shares rising?
Q1 Highlights
Circle reported earnings per share of 21 cents, beating the consensus estimate of 19 cents. In addition, it posted revenue of $694.13 million, missing the consensus estimate of $722.38 million.
USDC in circulation reached $77.0 billion at quarter-end, up 28% year-over-year. USDC onchain transaction volume totaled $21.5 trillion during the quarter, representing 263% year-over-year growth.
Circle said reserve income increased 17% year-over-year to $653 million, primarily driven by a 39% increase in average USDC in circulation. Other revenue rose to $42 million from $21 million in the prior-year quarter.
The company also reported that meaningful wallets holding more than $10 USDC increased 47% year-over-year to 7.2 million.
"Circle’s first quarter reflected strong execution against a much bigger opportunity: the rapid convergence of AI platforms and economic operating systems into a new internet stack," said CEO Jeremy Allaire.
Circle Shares Edge Higher
CRCL Price Action: Circle Internet Group shares were up 1.69% at $115.59 at the time of publication on Monday, according to Benzinga Pro. Over the past month, Circle has gained about 34.4% versus 8.9% rise in the S&P 500 and is up roughly 44% year-to-date compared to the index’s 7.6% gain.
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