Circle Internet Group cut about 5% of its workforce in the third quarter, resulting in a $9.1 million restructuring charge. Revenue rose 17% to $865 million, while net income increased 5% to $226 million. Growth was nevertheless driven by the private sale of the ARC token, which generated $182 million in non-recurring revenue; excluding this item, revenue would have declined. The launch of the Arc blockchain, the integration of Tazapay and falling interest rates are forcing Circle to fund new activities despite its workforce reduction.
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