# Сопутствующие статьи по теме Earnings

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Earnings", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Circle：Sluggish Market? The Top Stablecoin Stock Continues to Expand

Circle, the issuer of the stablecoin USDC, reported its Q1 2026 earnings on May 11th, Eastern Time. Against a backdrop of weak crypto market sentiment, USDC's average circulation in Q1 was $752 billion, with a modest 2% sequential increase to $770 billion by quarter-end. New minting volumes declined due to the poor crypto market, but remained high, indicating demand expansion beyond crypto trading. USDC's market share remained stable at 28% of the total stablecoin market, while competition from Tether's USDT persists. A key highlight was "Other Revenue," which reached $42 million, more than doubling year-over-year, though sequential growth slowed to 13%. This revenue stream, including fees from services like Web3 software, the Cipher payment network (CPN), and the Arc blockchain, is critical for diversifying away from interest income. Circle's internally held USDC share increased to 18%, helping to improve gross margin by 130 basis points to 41.4% by reducing external sharing costs. However, profitability was pressured as total revenue growth slowed, primarily due to the significant weight of interest income, which is tied to USDC规模 and Treasury rates. Adjusted EBITDA was $133 million with a 19.2% margin. Management maintained its full-year 2026 guidance for adjusted operating expenses ($570-$585 million) and other revenue ($150-$170 million). The long-term target for USDC's CAGR remains 40%, though near-term volatility is expected. The article concludes that while Circle's current valuation of $28 billion appears reasonable after a recent recovery, further upside depends on the pace of stable币 adoption and potential positive sentiment from the advancement of regulatory clarity acts like CLARITY.

链捕手05/12 01:25

Circle：Sluggish Market? The Top Stablecoin Stock Continues to Expand

链捕手05/12 01:25

IREN's Insanity: Selling Miners, Buying GPUs, Stock Price Up 16%

IREN, a Bitcoin mining company, saw its stock price surge 16% after releasing its quarterly earnings on May 8th. The surge was not driven by Bitcoin's price, but by the company's radical strategic shift away from cryptocurrency mining and towards AI infrastructure. The company reported a $140 million impairment charge after decommissioning and listing for sale 5,800 of its Bitmain S21 Pro mining rigs. It also maintains a policy of selling all mined Bitcoin daily, holding zero crypto assets. Despite this dismantling of its core business, investor sentiment was positive due to IREN's aggressive pivot into AI. This shift is backed by massive, long-term contracts. IREN announced a new 5-year, $3.4 billion collaboration with NVIDIA, which includes an equity investment commitment. This follows a previously secured 5-year, $9.7 billion GPU cloud services agreement with Microsoft. To support these deals, IREN acquired European data center capacity and cloud software capabilities. Management targets 480 megawatts of AI capacity, 150,000 GPUs, and $3.7 billion in annual recurring revenue by late 2026. While other North American miners are exploring hybrid "mining + AI" models, IREN is making a clean break, betting entirely on the booming demand for AI compute power. The move highlights a broader industry trend where the value of mining hardware is declining while GPU-based AI infrastructure is in critically short supply.

marsbit05/11 15:00

IREN's Insanity: Selling Miners, Buying GPUs, Stock Price Up 16%

marsbit05/11 15:00

Dissecting Circle's Q1 Earnings Report: After the Interest Rate Dividend Ebbs, USDC Prepares for a Big Chess Game

Title: Circle Q1 2026 Earnings: Shifting Strategy as Interest Rate Windfall Subsides Circle reported its Q1 2026 financial results. While total revenue and reserve income of $694M slightly missed expectations, adjusted EBITDA grew 24% to $151M. A key trend is the decline in reserve income due to lower Federal Reserve interest rates, which Circle is countering by diversifying its revenue streams. Notably, non-interest "Other Revenue" hit a record $42M. USDC's circulation reached 77 billion, up 28% year-over-year, but its on-chain transaction volume surged 263% to $21.5 trillion, indicating significantly higher utilization in payments and DeFi. Financially, the core RLDC Margin improved to 41%, showing better cost control. However, operating expenses nearly doubled, partly due to post-IPO stock compensation costs. Looking ahead, Circle is expanding beyond being a simple stablecoin issuer. It highlighted the $222M presale for its Arc Network (valued at $3B) and launched new services like Managed Payments and the "Agent Stack" for AI-driven commerce. The company's strategy is evolving to position USDC as the foundational dollar network for the internet, targeting broader payment, enterprise, and AI agent economies.

marsbit05/11 14:34

Dissecting Circle's Q1 Earnings Report: After the Interest Rate Dividend Ebbs, USDC Prepares for a Big Chess Game

marsbit05/11 14:34

Deciphering Circle's Q1 Financial Report: After the Interest Rate Dividend Ebbs, USDC Is Planning a Grand Strategy

Circle's Q1 2026 financial report shows total revenue and reserve income of $6.94 billion, slightly below expectations, with net profit at $550 million, down 15% year-over-year. The company attributes the slowdown in revenue growth to declining reserve asset yields following a Federal Reserve rate cut. However, other revenue streams reached a record $420 million, indicating a diversification away from interest dependence. Key operational highlights include USDC's circulating supply reaching 77 billion, a 28% annual increase, while its on-chain transaction volume surged 263% to $21.5 trillion, showing significantly higher usage frequency. Circle's core RLDC Margin improved to 41%, reflecting better cost control. Looking beyond interest rate reliance, Circle is expanding into new areas. Its Arc Network completed a $2.22 billion ARC token presale at a $30 billion valuation. The company also launched Agent Stack, an infrastructure suite for AI Agent economies, and its Circle Payments Network (CPN) shows an estimated annual transaction volume of $83 billion. The report suggests Circle's strategy is evolving from merely issuing a stablecoin to building USDC into a foundational dollar network for the internet, targeting cross-border payments, enterprise settlement, and the emerging AI-driven economy.

Odaily星球日报05/11 14:31

Deciphering Circle's Q1 Financial Report: After the Interest Rate Dividend Ebbs, USDC Is Planning a Grand Strategy

Odaily星球日报05/11 14:31

Earnings Report, CLARITY Bill, and Warsh's Arrival: CRCL Faces Three Major Tests This Week

Circle (CRCL) faces three major tests this week that will significantly impact its stock price and valuation. First, on May 11, it will release its Q1 2026 earnings. Key metrics to watch are overall revenue and EPS, the proportion of revenue paid to distributors like Coinbase, and growth in non-interest income. The market also awaits Circle's stance on renegotiating its revenue-sharing contract with Coinbase, which expires in August. Second, on May 14, the U.S. Senate Banking Committee will vote on the CLARITY Act. This bill aims to establish a clear federal regulatory framework for digital assets. A recent compromise proposal would ban yield on static stablecoin reserves but allow rewards for active ones. Its passage, currently seen as likely by prediction markets, would be a major positive for the industry and Circle. Finally, on May 15, Kevin Warsh will succeed Jerome Powell as Federal Reserve Chair. Warsh's proposed policy of quantitative tightening combined with interest rate cuts could pose a short-term headwind for CRCL, as lower rates reduce Circle's primary revenue from USDC reserves. However, long-term prospects may improve as Warsh, a known crypto investor who opposes a Fed CBDC, is seen as potentially favorable to regulated private stablecoins like USDC.

marsbit05/11 08:14

Earnings Report, CLARITY Bill, and Warsh's Arrival: CRCL Faces Three Major Tests This Week

marsbit05/11 08:14

Duan Yongping's Bottom-Fishing in CoreWeave Is Turning into a Battleground for Bulls and Bears

CoreWeave's Q1 2026 earnings report has intensified the ongoing bull-bear battle over the AI infrastructure stock. While revenue doubled year-over-year to $2.08B and the firm's remaining performance obligation (RPO) surged to nearly $100B, its net loss more than doubled to $740M. The critical point of contention is profitability: while adjusted EBITDA margin was a robust 56%, the adjusted operating margin collapsed to just 1% due to soaring infrastructure and sales costs. A weaker-than-expected Q2 revenue guidance further triggered an 11.4% single-day stock drop. The bull thesis hinges on CoreWeave's massive order backlog, deep strategic ties with NVIDIA (as a customer, investor, and key supplier), and a diversified client base now including Anthropic and Meta. The bear case focuses on the "scale at all costs" model, where expanding revenue leads to wider losses, ballooning debt ($25B), and massive capital expenditures ($6.8B in Q1). Insider selling by executives contrasts with a notable new investor: Chinese investor Duan Yongping initiated a small position (0.12% of his portfolio) in Q4 2025 near the stock's lows. The coming Q2 report is seen as a key test for management's promise of a profit margin recovery.

marsbit05/11 00:09

Duan Yongping's Bottom-Fishing in CoreWeave Is Turning into a Battleground for Bulls and Bears

marsbit05/11 00:09

Plummeting Around 12%, Duan Yongping's Bottom-Fishing CoreWeave Turns into a Fierce Battlefield Between Bulls and Bears

On May 8th, AI cloud computing provider CoreWeave (CRWV) plunged 11.4% following its Q1 2026 earnings report, intensifying the polarized market view on the stock. While revenue doubled year-over-year to $2.08B and its Remaining Performance Obligations (RPO) surged to nearly $100B, its net loss also widened to $740M. The key trigger was a weaker-than-expected Q2 revenue forecast, coupled with rising costs that compressed adjusted operating margin to just 1%. The bull thesis centers on CoreWeave's massive order backlog, deep strategic ties with NVIDIA as a key customer and investor, and client diversification with major names like Anthropic and Meta. Supporters point to its 'hyperscale' status and over $20B in recent financing. Bears highlight the "growth at all costs" model: despite soaring revenue, losses are expanding, capital expenditures are massive (~$6.8B in Q1), and total debt has ballooned to around $25B. Significant insider selling by executives adds to skepticism. This contrast is embodied by investor Duan Yongping (known as "China's Buffett"), who initiated a small, exploratory position (~0.12% of his portfolio) in Q4 2025 near the stock's lows, viewing it as a speculative bet on the AI infrastructure chain. The upcoming Q2 report is seen as a critical test for management's promise of a profit margin rebound. CoreWeave remains a battleground stock where long-term narrative clashes with near-term financial reality.

marsbit05/09 09:15

Plummeting Around 12%, Duan Yongping's Bottom-Fishing CoreWeave Turns into a Fierce Battlefield Between Bulls and Bears

marsbit05/09 09:15

Coinbase Q1 Earnings Report: Nearly $4 Billion Loss, Trading Volume Halved. Can AI + RWA Turn Things Around?

Coinbase's Q1 2026 earnings report revealed a net loss of $394 million, largely driven by $482 million in unrealized losses on its crypto asset holdings. Total revenue fell 31% year-over-year to $1.41 billion. Transaction revenue declined 40% to $756 million, reflecting a market-wide slump in crypto trading volumes. Consumer trading was particularly weak, down 48%, though Coinbase's global spot market share rose to a record 8.6%. Key bright spots included institutional trading revenue, which grew 37%, and a surge in derivatives activity following the Deribit acquisition. Subscription and services revenue of $584 million was more resilient, with stablecoin revenue up 11% to $305 million. Adjusted EBITDA remained positive at $303 million. Ahead of earnings, Coinbase announced a 14% workforce reduction (~700 employees) to accelerate its transition to an "AI-native" organizational model. Strategically, the company is pursuing its "Everything Exchange" vision, expanding into derivatives and predictive markets. Its partnership with Circle on USDC remains a core revenue moat, with over 25% of the stablecoin's $80 billion supply held on its platform. The company is actively engaged in shaping stablecoin legislation like the CLARITY Act. Despite significant losses and cyclical pressures, Coinbase is positioning itself as a broader on-chain financial infrastructure provider.

链捕手05/08 16:55

Coinbase Q1 Earnings Report: Nearly $4 Billion Loss, Trading Volume Halved. Can AI + RWA Turn Things Around?

链捕手05/08 16:55

Cloudflare Cuts Over 1,100 Jobs; Earnings Beat Expectations but Stock Plunges 18% After Hours

Cloudflare announced the layoff of over 1,100 employees, representing about 20% of its workforce, on the same day it reported better-than-expected Q1 2026 earnings. While revenue grew 34% to $639.8 million and full-year guidance was raised, the stock plummeted over 18% in after-hours trading, likely due to the layoffs and a slightly weaker Q2 revenue forecast. CEO Matthew Prince framed the massive restructuring as necessary preparation for the "AI agent era," not a cost-cutting measure. He cited a 600% surge in AI usage across the company in three months, with 97% of engineers using AI coding tools. Prince stated that many support roles are no longer needed as AI boosts the productivity of customer-facing and engineering staff, and that job types are changing rapidly. The company expects to incur $140-$150 million in restructuring charges. Laid-off U.S. employees will receive severance pay covering their full salary until the end of 2026, extended healthcare, and accelerated stock vesting. This move comes less than a year after Cloudflare famously announced plans to hire 1,111 interns in 2026. This announcement is part of a broader trend, as companies like Coinbase and PayPal also announced significant layoffs recently, with AI frequently cited as a driving force behind workforce transformations.

marsbit05/08 15:08

Cloudflare Cuts Over 1,100 Jobs; Earnings Beat Expectations but Stock Plunges 18% After Hours

marsbit05/08 15:08

MSTR Earnings Review: The 'Flywheel' Now Has a 'Safety Valve', Arbitrage Opportunity Emerges

MicroStrategy's recent earnings call has fundamentally changed its strategy. Management has explicitly stated a key metric: a 1.22x premium to its mNAV (adjusted net asset value). This acts as a trigger for the company's actions regarding its Bitcoin holdings. If MicroStrategy's stock trades at a premium **above** 1.22x mNAV, the company will continue its established playbook: issuing equity to raise capital and buying more Bitcoin. However, if the premium falls **below** 1.22x, the strategy reverses. Management committed to selling Bitcoin to generate cash, which would then be used for debt management, dividends, or stock buybacks. This clear threshold creates a potential arbitrage opportunity. Should the premium dip below 1.22x, a trade involving going long MSTR stock while shorting an equivalent value of Bitcoin could profit. The logic is that the company's promised actions (selling BTC, buying back stock) would directly work to close that valuation gap, providing a catalyst for the trade. For holders of MicroStrategy's high-yield preferred stock (STRC), this policy introduces a significant safety net. The commitment to sell BTC to protect the balance sheet and meet obligations reduces the prior risk of the company facing a liquidity crisis during a deep Bitcoin downturn, making STRC resemble a more traditional corporate bond. Regarding Bitcoin's market impact, the announcement has mixed implications. In the short term, it is sentimentally bearish as it ends the narrative of MicroStrategy as a perpetual "diamond hands" buyer. Long-term, however, it is structurally bullish. By establishing a proactive de-leveraging mechanism, MicroStrategy removes the risk of a future forced, cascading liquidation during a severe bear market, making the overall crypto ecosystem more resilient.

marsbit05/08 13:11

MSTR Earnings Review: The 'Flywheel' Now Has a 'Safety Valve', Arbitrage Opportunity Emerges