Circle Internet Group (NYSE:CRCL) shares jumped before Tuesday’s opening bell as it delivered a revenue beat for its first quarter as a publicly traded company.
The financial technology company reported that its total revenue and reserve income grew 53% year-over-year to $658 million, exceeding analyst estimates of approximately $646 million.
Circle posted a net loss of $482 million or a loss per share of $4.48, down from a profit of $33 million a year ago and more than a loss of $338 million expected by Wall Street analysts.
This was attributed to IPO-related expenses, including $424 million in stock-based compensation and a $167 million accounting impact from convertible debt valuation.
“I’m proud of Circle’s performance in the second quarter, our first as a public company, where we demonstrated sustained growth and adoption of our platform across a multitude of use cases and with a diverse set of industry-defining partners,” Circle CEO Jeremy Allaire said.
“Circle’s successful IPO in June marked a pivotal moment—not just for our company, but for the broader adoption of stablecoins and the growth of the new internet financial system.”
Shares of Circle added 11.3% at about $179 before the opening bell in New York.