Circle (CRCL) Cuts About 5% of Workforce as Q3 Revenue Hits $865M

Circle cut about 5% of its workforce and booked a $9.1 million restructuring charge in a quarter where revenue rose 17% to $865 million. Circle Internet Group cut about 5% of its workforce in the third quarter, a reduction the USDC issuer disclosed in the footnotes of an earnings report that showed revenue rising 17% to $865 million and net income up 5% to $226 million. The company booked a $9.1 million restructuring charge for the cuts, which it described as “designed to better align our organizational structure with our operating model and strategic priorities.” The charge covered notice-period pay…