Shares rise after Q2 profit and revenue beat estimates
Shares of stablecoin giant Circle CRCL.N rose 9% to $69.18 in premarket trading.
The company posted second-quarter net income of 18 cents per share attributable to common shareholders, above analysts' estimates of 17 cents per share, according to data compiled by LSEG.
CRCL's revenue and reserve income rose 7% to $701.3 million in the quarter.
USDC circulation rose 19% in the second quarter to $73.3 billion.
Of 31 analysts, 15 rate the stock strong buy or buy, 14 hold and two sell or strong sell; their median price target is $107.21, according to data compiled by LSEG.
As of the last close, the stock was down 20% year to date.
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