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Circle Internet Net Income Rises 202% to $214M, Beats Expectations on EPS

Circle Internet Group reported a 202% year-over-year increase in net income, reaching $214 million in Q3. The company, known for issuing the USDC stablecoin, also exceeded earnings expectations with earnings per share (EPS) of $0.64, surpassing estimates of $0.22. Total revenue and reserve income for the quarter totaled $740 million, marking a 103% increase from the previous year. The earnings before interest, taxes, depreciation and amortization (EBITDA) was reported at $166 million, showing a 78% rise. Despite an initial jump in share price to $98.30, Circle's shares were noted to be down by 3.5% in pre-market trading.

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