Circle ($CRCL) fell 9.2% intraday over 5 days... reserve income down 8%

Circle ($CRCL) shares fell as much as 9.2% intraday on Nov. 5 to $69.12 from a prior close of $76.12, after the stablecoin issuer disclosed third-quarter results showing combined revenue and reserve income of $865 million, up 17% year over year, while reserve income alone dropped 8%. Continuing-operations net income came in at $226 million, up 5%, and adjusted EBITDA was $317 million. The split matters because Circle's earnings hinge on reserve income, which is sensitive to interest rates and reserve composition even as overall revenue grows. Investors will watch whether reserve income stabilizes in coming quarters and how the stock settles relative to the $76.12 prior close.