尽管Circle三季度财报表现强劲，但投资者更担忧其未来盈利前景——成本持续攀升、利率进入下行周期，以及内部人可能抛售股票等多重压力。 然而，这一利好消息并未提振市场情绪，公司股价当日重挫超过12%。此轮下跌使该股较今年6月23日创下的历史高点已回调超过70%。 （周三Circle股价重挫超12%） 财报显示，公司该季度实现营收7.398亿美元，同比增长66%，高于分析师普遍预期的7.067亿美元。每股收益更是达到了64美分，远超华尔街预测 的20美分。 业绩的强劲增长主要得益于其核心产品，美元稳定币USDC的规模扩张。截至9月底，USDC的流通量达到737亿美元，是去年同期的两倍多。 然而，在财报中，一份关于未来成本的指引成为了市场的"绊脚石"。 Circle将其2025年的运营费用预测从此前的4.75亿至4.9亿美元区间，上调至4.95亿至5.1亿美元。 尽管公司同时将订阅和服务等非储备金收入的预期中值从8000万美元上调至9500万美元，但成本预测的增幅显然更大，这直接影响了投资者对未 来利润率的判断。 部分增加的支出或将用于公司计划推出的Arc区块链网络，该网络已吸引了贝莱德、汇丰银行和Visa等合作 ...

Circle Internet Group (NYSE:CRCL) Q3 2025 Earnings Call November 12, 2025 08:00 AM ET Company ParticipantsJeremy Allaire - Co-Founder, CEO, and ChairmanJohn Andrews - VP of Investor Relations and Capital MarketsJoseph Vafi - Managing Director and Equity ResearchJames Yaro - Vice President of Equity ResearchKen Worthington - AnlalystPete Christiansen - Director of Payments, Processors, and IT Services Equity ResearchJeremy Fox-Geen - CFODevin Ryan - Head of Financial Technology ResearchConference Call Partic ...

Group 1 - The article discusses the economic journey of Edmund Phelps, a Nobel laureate, highlighting his contributions to economic theories such as the "natural rate of unemployment" and the "Great Prosperity" theory, which emphasizes innovation and job satisfaction as key drivers of economic vitality [3][4][5] - Phelps's work is positioned as a significant influence on modern macroeconomic thought, with his theories challenging traditional employment and growth models established by earlier economists [4][5] Group 2 - The article introduces "Breaking the Norm: India's Unique Path to Prosperity," authored by Raghuram Rajan and Rohit Lamba, which analyzes India's economic challenges and proposes a new development strategy that prioritizes human capital investment and innovation [8][9] - The authors argue that India must move away from traditional East Asian development models and focus on creating a knowledge-driven economy to navigate global economic changes [9] Group 3 - The article presents "Read, Write, Own: How Blockchain Networks Lead Us into a Smart New Era" by Chris Dixon, which explores the transformative potential of blockchain technology in reshaping the internet and democratizing ownership [13][14] - Dixon outlines the evolution of the internet through three distinct phases, culminating in the current transition to a "Read, Write, Own" era, where blockchain empowers users rather than corporations [13][14]