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, severance and benefits. 

Circle did not say how many employees were affected or which teams were hit, and the layoffs did not appear in the release’s list of business highlights.

CRCL shares slipped about…

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