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  • Taylor Swift’s ‘The Life of a Showgirl’ Will Be Her 9th Album of 2020s

    Taylor Swift’s ‘The Life of a Showgirl’ Will Be Her 9th Album of 2020s

    There are many reasons for Taylor Swift’s extraordinary success: talent, resilience, courage and, not least, a work ethic that is second to none. The country-turned-pop superstar is tireless and extraordinary productive. Her just-announced The Life of a Showgirl will be her ninth full-length album of the 2020s. And that doesn’t even count live albums.

    Swift has been a prolific and engaged artist since she released her eponymous debut album in October 2006. Her longest gap between regular studio albums was just over three years – the gap between 1989 (October 2014) and reputation (November 2017).

    But she has picked up the pace in the 2020s. As this decade began, Swift had achieved six No. 1 albums on the Billboard 200 and had become the first woman to win the Grammy for album of the year twice as a lead artist. One might reasonably think that an artist who had achieved that much success and validation would let up on the pace a bit, perhaps even take a well-earned breather. Instead, Swift has redoubled her efforts.

    Two factors played a role in this explosion of activity: COVID-19, which was officially declared a pandemic by the World Health Organization in March 2020, led Swift to record two albums in quick succession, Folklore and its “sister record,” Evermore. They were released less than five months apart in 2020.

    And Swift’s desire to reclaim control of her artistic legacy led her to re-record four of her early albums. Those re-recordings didn’t slow the pace of new studio albums. Swift somehow found the time and energy to toggle back and forth between new albums and re-recordings of old ones.

    In addition to these nine new and re-recorded albums, Swift has also released two live albums in the 2020s – Folklore: The Long Pond Studio Sessions and Lover (Live from Paris). (Technically, there was a third: Live From Clear Channel Stripped 2008 was released in April 2020 without Swift’s approval. Swift bluntly denounced the release on her social media accounts, calling it “shameless greed in the time of coronavirus” and asked fans not to buy or stream the album. They complied: The album flopped.)

    Just about any talent scout will say that talent is not enough to achieve and sustain success in the music business. A strong will to succeed, and a willingness to do whatever that takes, are just as important. You can call it a “work ethic.” Swift has it in spades.  

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  • Variable Long COVID Definitions Create Hurdles in Care, Research

    Variable Long COVID Definitions Create Hurdles in Care, Research

    A standardized definition of long COVID is necessary to improve diagnostic accuracy, clinical recognition, and research comparability, according to a new study published in JAMA Network Open.1

    Long COVID, defined by various major organizations, such as the National Academies of Sciences, Engineering, and Medicine (NASEM), can be characterized by prolonged COVID or respiratory-related symptoms; however, there are numerous discrepancies between existing definitions. These discrepancies pose significant hurdles in recognition by both patients and clinicians, which can result in delayed or unnecessary treatments.1

    Long COVID definition variability remains inconsistent, resulting in delayed recognition, documentation, and treatment. | Image Credit: AdobeStock_tilialucida.jpeg

    In the new study, researchers observed only 5 common symptoms across data from the Innovative Support for Patients With SARS-CoV-2 Infections Registry (INSPIRE; NCT04610515) and 5 comparator studies, which were “more tired than usual,” “pain or tightness in your chest,” “diarrhea [>3 loose or looser than normal stools in 24 hours],” “decreased smell or change in smell,” and “fatigue, tiredness, or exhaustion.”

    “We’re not necessarily trying to say that any one definition that we looked at should be used,” lead author Lauren Wisk, PhD, assistant professor in the Division of General Internal Medicine and Health Services Research at the University of California, Los Angeles, said in an interview with The American Journal of Managed Care®. “We were comparing across the ones that exist to sort of see how they stack up, and I think, really importantly, what the implications are for our ability to actually capture people who believe that they have long COVID.”

    The longitudinal cohort study INSPIRE consisted of 6044 participants; however, only 75% (n= 4575) were included in this study because they completed the 3-month follow-up survey. Of them, 3521 tested positive for COVID-19. Moreover, 3897 participants (85.2%; 2986 [76.6%] COVID-19 positive) completed both a 3-month and a 6-month follow-up survey, and 3235 (83.0%) of those (2478 [76.6%] COVID-19 positive) also completed the final survey. The remainder were categorized as COVID-19 negative, which included patients with similar COVID or respiratory-related symptoms but who had not received a positive COVID-19 diagnosis. Of participants with race/ethnicity data available (n = 4446), 13.8% were Asian, 8.2% were Black, 68.9% were non-Hispanic White, and 9.1% were labeled as multiracial (5.4%) or of other race (including 0.6% who were Native American or Alaskan Native and 0.5% Native Hawaiian or other Pacific Islander).

    The analysis included 5 comparator studies that reported on the prevalence of long COVID at 1 to 5 months post infection, which ranged from 2.6% (84 days [Sudre et al]) to 47.4% (3-5 months [Pagen et al]), and at 6 or more months ranged from 10.0% (95% CI, 8.8%-11.0% [Thaweethai et al]) to 61.9% (6-11 months [Pagen et al]).2-4 When applying the study’s long COVID definition to the INSPIRE cohort, the analysis showed a prevalence of long COVID ranging from 0.84% (95% CI, 29.33%-32.40%) to 42.01% (95% CI, 40.37%-43.66%) among the COVID-19–positive group and from 28.08% (95% CI, 25.41%-30.92%) to 40.32% (95% CI, 37.35%-43.36%) among the COVID-19–negative group. However, despite the overlapping rates in prevalence, scientists observed individuals who were COVID-19 positive showed a greater number of symptoms that aligned with multiple definitions of long COVID when compared with individuals who were COVID-19 negative.

    The analysis showed that the multiple long COVID definitions tended to identify fewer true long COVID cases (indicating lower sensitivity) but were effective at correctly classifying individuals without long COVID (indicating higher specificity). The study authors concluded that a key identifying factor of long COVID when compared with other post-illness symptoms was the overall symptom count, with long COVID presenting with more symptoms.

    Although NASEM did release a long COVID definition, researchers note that it should still be incentivized for federal government clinicians to adopt this definition to help keep diagnoses, documentation, and treatments consistent. However, NASEM includes people who are COVID-19 negative and/or have other post-illness symptoms to identify with long COVID, despite not having it. Wisk attributes this inclusion to expanding access for populations who may not be able to get a COVID-19 test or a provider to administer the test.

    “I imagine that was a very intentional decision that they made to try to address some of these access issues… And so, trying to sort of create a little bit more equilibrium around then, who could get access to a long COVID diagnosis,” Wisk said. “But again, there are trade-offs there, and one of them is that we’re potentially going to be misdiagnosing people as having long COVID when they potentially have some other condition, including persistent symptoms from another respiratory illness.”

    References

    1. Wisk LE, L’Hommedieu M, Roldan KD, et al.Variability in long COVID definitions and validation of published prevalence rates. JAMA Netw Open. 2025;8(8):e2526506. doi:10.1001/jamanetworkopen.2025.26506

    2. Sudre CH, Murray B, Varsavsky T, et al. Attributes and predictors of long COVID. Nat Med. 2021;27(4):626-631. doi:10.1038/s41591-021-01292-y

    3. Pagen DME, van Bilsen CJA, Brinkhues S, et al. Prevalence of long-term symptoms varies when using different post-COVID-19 definitions in positively and negatively tested adults: the PRIME post-COVID study. Open Forum Infect Dis. 2023;10(10):ofad471. doi:10.1093/ofid/ofad471

    4. Thaweethai T, Jolley SE, Karlson EW, et al. RECOVER Consortium. Development of a definition of postacute sequelae of SARS-CoV-2 infection. JAMA. 2023;329(22):1934-1946. doi:10.1001/jama.2023.8823

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  • Flash Macro: U.S. Inflation | KKR

    Flash Macro: U.S. Inflation | KKR

    How are we thinking about the July 2025 U.S. CPI report?

    Core CPI for July came in at +0.3% m/m, up from +0.2% m/m in June and in-line with consensus. Beneath the surface, we see more settled housing inflation, sustained inflation in non-shelter services categories, but moderate upward pressures on goods prices. Importantly, however, we do not see tariff-related inflation leading to a ‘spiral’ higher for inflation expectations. A key anchor, we believe, is that shelter (>40% of Core CPI) has now settled below its 2018-2019 run-rate. At the same time, mid-/high-income consumers are still spending on discretionary items, which makes us think that consumer finances are in okay shape despite a drag from higher tariffs.

    Looking at the bigger picture, we continue to view the market as a glass half full: The technical bid remains strong, and fundamentals are solid enough to push markets slightly higher. The big stories, however, remain the productivity enhancements we are seeing as well as the coordinated global easing cycle (despite the global economy having an asynchronous economic recovery). Against this backdrop, our key themes remain the Security of Everything, Productivity/Worker Retraining, Collateral-Based Cash Flows, and Capital Heavy to Capital Light.

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  • Madonna urges Pope Leo to visit Gaza: ‘Bring your light to the children before it’s too late’

    Madonna urges Pope Leo to visit Gaza: ‘Bring your light to the children before it’s too late’

    LONDON (AP) — Madonna has urged the pope to travel to Gaza and “bring your light to the children before it’s too late.”

    The superstar posted her appeal to the pontiff on social media Monday, saying her son Rocco’s birthday prompted her to make the post. Rocco turned 25 Monday.

    Addressing Pope Leo XIV, she wrote: “Most Holy Father. Please go to Gaza and bring your light to the children before it’s too late. As a mother, I cannot bear to watch their suffering.

    “The children of the world belong to everyone. You are the only one of us who cannot be denied entry,” she added. “We need the humanitarian gates to be fully opened to save these innocent children. There is no more time. Please say you will go. Love, Madonna.”

    The singer added that she wasn’t taking sides in the war.

    “I am not pointing fingers, placing blame or taking sides. Everyone is suffering. Including the mothers of the hostages,” she wrote. “I pray that they are released as well. I am merely trying to do what I can to keep these children from dying of starvation.”

    READ MORE: Pope Leo XIV gets rock star’s welcome at Vaticans’ Catholic influencer festival

    The pope recently renewed his call for an immediate ceasefire in Gaza, asking the international community to respect humanitarian laws and the obligation to protect civilians.

    “I once again call for an immediate end to the barbarity of this war and for a peaceful resolution to the conflict,” the pontiff said last month.

    Aid workers and doctors have said that after months of Israeli blockade and turmoil in the distribution of supplies, children in Gaza with no previous conditions are starting to die from malnutrition.

    Israel’s air and ground offensive, sparked by Hamas’ Oct. 7, 2023 attack into Israel, has displaced most of the some 2 million Palestinians in Gaza and pushed the territory toward famine.

    The United Nations said that across Gaza, more than 5,000 children were diagnosed with malnutrition in May, though that is likely an undercount. Malnutrition was virtually nonexistent before the war. Doctors struggle to treat the children because many supplies have run out, the U.N. says.

    Israel denies a famine is taking place or that children are starving. It says it has supplied enough food throughout the war and accuses Hamas of causing shortages by stealing aid and trying to control food distribution.

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  • István Gyulai Memorial: Mondo Duplantis sets pole vault world record again, as Shelly-Ann Fraser-Pryce clocks 11.07

    István Gyulai Memorial: Mondo Duplantis sets pole vault world record again, as Shelly-Ann Fraser-Pryce clocks 11.07

    Two-time Olympic pole vault champion Mondo Duplantis of Sweden broke his world record – yet again – Tuesday (12 August) at the Gyulai István Memorial in Budapest.

    He was just one of several major stars taking part in the World Athletics Continental Tour Gold meeting, as the 2025 World Championships, set for September in Tokyo, loom large. The Netherlands’ Femke Bol notched a win in the women’s 400m hurdles, while Jamaican superstar Shelly-Ann Fraser-Pryce finished fourth in the women’s 100m.

    In the pole vault competition, Duplantis had a rare early miss, failing to clear 5.62m on his first attempt. He was safely over on his second try, and then again on his first chance at 5.82m.

    He and Olympic bronze medallist Emmanouil Karalis were the only two competitors remaining after 5.82m. Both men cleared 6.02m on their opening tries, while both missed their first attempts at 6.11m.

    Duplantis went over the height on his second attempt, while Karalis fell short before retiring from the competition. He then went on to clear 6.29m on his second try – a 13th world record for the Swede.

    Australia’s Kurtis Marschall was third, having cleared 5.82m successfully.

    Four-time Olympic medallist Bol took an easy win in the women’s 400m hurdles. She finished more than two seconds ahead of Belgium’s Naomi Van Den Broeck, 52.24 to 54.50. American Jasmine Jones rounded out the top three with a 54.61.

    Fraser-Pryce, who has said this will be her final competitive season, clocked 11.07 to finish just off the podium in the women’s 100m.

    Côte d’Ivoire’s Marie-Josée Ta Lou-Smith was the winner at 10.97, followed by a trio of Jamaicans: Tina Clayton (10.99), Shericka Jackson (11.00) and Fraser-Pryce.

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  • Bryan Burnett to return to Radio Scotland after cancer treatment

    Bryan Burnett to return to Radio Scotland after cancer treatment

    BBC Bryan Burnett smiling straight at the camera. He has short fair hair. He is wearing dark-rimmed glasses. He is only visible from the shoulders up and is wearing a white shirt with a light blue floral pattern. He is standing in front of a blurred background in the BBC Scotland building.BBC

    Bryan Burnett will return to Get it On on Thursday after undergoing treatment for cancer

    BBC Radio Scotland broadcaster Bryan Burnett is set to return to the airwaves after undergoing treatment for a rare form of cancer.

    The 59-year-old told listeners he was stepping away from the early evening show, Get it On, following a diagnosis of appendiceal cancer earlier this year.

    Burnett said his treatment had been “successful” and had given him a “new perspective on what matters most”.

    He will make his comeback on Thursday’s show after a period of recovery.

    He said he would share presenting duties with Grant Stott, who stood in for Burnett in his absence, as part of a phased return.

    Burnett, who grew up in Aberdeen, said he had been “overwhelmed” by the support of listeners who got in touch during his time away.

    He said: “Over the past few months I have been focused on my recovery, and have been supported by an incredible medical team, my family and friends and the overwhelming kindness of so many BBC Radio Scotland listeners.

    “Their messages, cards and kindness have meant so much.

    “Cancer has given me a renewed perspective on what matters most, and I am excited about the road ahead and grateful for the opportunity to return to doing what I’m passionate about.”

    Get it On is a popular evening show which airs on BBC Radio Scotland from 18:00 on weekdays.

    It plays requests from listeners which match a theme set for each show

    ‘Tough couple of months’

    Stott announced Burnett’s return to the show during Tuesday’s programme.

    He said: “In what must have been a terrible time for Bryan and his family and close friends, I’m just delighted I was able to help by looking after something that is very precious to Bryan; Get It On and his listeners.

    “Getting to do the show over this time has shown me just how close the audience is to Bryan and vice versa.”

    He added: I know they will be delighted to get their radio teatime pal back.”

    BBC Scotland director, Hayley Valentine, said: “Like the Get it On listeners, everyone at BBC Scotland is delighted to be welcoming Bryan back to the studio following what has been a tough couple of months for him.

    “We look forward to seeing and hearing him back where he belongs.”

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  • ’You can’t snatch even a drop,’ Pakistan warns India against restricting Indus waters

    ’You can’t snatch even a drop,’ Pakistan warns India against restricting Indus waters

    Pakistan finalizing US tariff deal strategy aimed at boosting copper sector investment


    ISLAMABAD: Pakistan’s commerce ministry has finalized a strategy for a recently negotiated tariff deal with the United States that Islamabad says could unlock American investment in the country’s vast copper reserves, and submitted it to Prime Minister Shehbaz Sharif for approval, an official said on Tuesday.


    The agreement, announced last month by US President Donald Trump, set a reduced tariff rate of 19 percent on Pakistani imports, the government says is the lowest in the region and will help revive bilateral trade while paving the way for US firms to participate in Pakistan’s mines and minerals sector.


    The South Asian nation ranks fifth globally in copper deposits, with major sites in Balochistan and Khyber Pakhtunkhwa positioning it as a potential major supplier to international markets.


    “The commerce ministry has formulated a strategy for the tariff deal, which includes US investment in the mines and minerals sector, particularly copper, and forwarded it to the Prime Minister’s Office,” Naveed Kallu, a public relations officer at the ministry, told Arab News. “The final decision will be made by the prime minister and after approval further work will proceed as per that strategy.”


    Kallu said the most significant aspect of the deal was the US commitment to invest in Pakistan’s minerals sector, noting that in similar agreements with countries like South Korea, Japan and the United Kingdom, those nations invested in the US in return for tariff reductions.


    “The working group between the US and Pakistan is finalizing the modalities, and the American side will recommend its companies for copper exports from Pakistan,” he added.


    No memorandum of understanding related to the arrangement has been signed yet, but talks are said to be progressing well.


    Pakistan is also in advanced-stage discussions with Middle Eastern companies to export minerals, the official said.


    In a report to the National Assembly earlier this week, the country’s commerce minister, Jam Kamal Khan, confirmed that during reciprocal tariff talks, the US expressed interest in investing in copper mining and processing in Pakistan, without naming companies.


    He noted that while Washington has imposed 50 percent tariffs on imports of copper, iron, steel and aluminum, refined copper has been exempted, making value-added copper exports more attractive for Pakistani producers.


    By focusing on value-added exports, such as refined copper, bars, rods and alloys, rather than raw ores, the minister said Pakistan could capture greater economic benefits from its mineral resources.


    He recommended detailed geological mapping by the Geological Survey of Pakistan (GSP) and improvements to infrastructure such as mine access roads and dedicated power supply to attract private sector investment and technology transfer


    “Streamlining regulatory frameworks and addressing infrastructural gaps, such as mine access roads and dedicated power supply, will attract private sector involvement and technological innovation,” the statement added.


    Arab News sought comment from the US Embassy in Islamabad, the US Commerce Department and the GSP but received no responses before the publication of this story.


    Industry leaders say Pakistan’s mineral wealth remains underexploited due to a lack of refineries and quality-testing facilities.


    “Pakistan has vast mineral reserves including copper but lacks proper refineries to process them,” said Meer Behrose Regi, president of the All Pakistan Mines & Minerals Association.


    He said with adequate investment in refinery infrastructure, the country could export high-quality finished products rather than raw materials.



    A file photo of the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) in Reko Diq, in Balochistan, Pakistan. (Photo courtesy: TCC)


    Dr. Umer Aziz, a geologist, said US firms could play a transformative role if they invested in processing facilities.


    “Pakistan needs substantial investment in refineries and other infrastructure, and if US firms are ready to invest, it would be an excellent opportunity to tap the sector’s vast potential,” he said, adding that projects like Reko Diq, which holds both copper and gold reserves, would be a natural target.

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  • Release Date and Rumored Price Details

    Release Date and Rumored Price Details

    Google is set to reveal new devices next week, with the Pixel 10 family of smartphones confirmed to be among them. Much like last year’s Pixel 9, this new release of Google’s popular Android phone looks like its going to be iterative rather than substantially different from what fans have come to expect. Still, users can expect some small but meaningful improvements that may make it worth the upgrade.

    The Pixel 10 lineup will be shown off at the Made by Google event on August 20 alongside new versions of the Pixel Watch and Pixel Buds. Until then, here’s what we know about the Pixel 10.

    Pixel 10 Release Date

    Google has confirmed the preorder date for Pixel 10 phones is August 20, 2025. The phones will be officially revealed at the Made by Google event that same day, where the company will share all of the details about the full family of devices and their upgrades over previous models. It’s worth noting, though, that a report from Winfuture states that supply chain problems could delay the release of the Pixel 10 Pro Fold to October 9.

    You can visit the Pixel 10’s Google Store page now, which shows an image of the back of the standard Pixel 10 phone. There’s also a button there to sign up for emails to receive an “exclusive offer” for new subscribers, offering a single-use discount for an eligible device from August 20 – September 4 when buying the phone via the Google Store.

    Pixel 10 Models and Prices

    The Pixel 10 will come in four models: Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. This is pretty standard stuff in terms of historical Pixel releases, so it shouldn’t come as a surprise to anyone already invested in the Google ecosystem.

    For those who want the best of the best, the Pixel 10 Pro and Pro XL will sport better cameras with up to 8K video support and a whopping 16GB of RAM compared to the Pixel 10’s 12GB. The Pro will maintain the 6.3″ screen of the standard Pixel 10, while the XL is expected to be handful with its 6.8″ screen.

    Meanwhile, the Pixel 10 Pro Fold will come out swinging with a 6.4″ one-handed screen that can be opened into an 8″ Super Actua Flex interior screen, which is considered the phone’s main display. It also sports 16GB of RAM, which should help to make it a multi-tasking powerhouse.

    Expected pricing

    While Google won’t reveal the official pricing for the Pixel 10 family until August 20, here’s the expected pricing for each of these devices:

    • Pixel 10 – $799
    • Pixel 10 Pro – $999
    • Pixel 10 Pro XL – $1,199
    • Pixel 10 Pro Fold – $1,799

    Of course, it’s worth pointing out that these prices are for the base models of each device. If you need more storage than what comes standard, you’ll be looking at increasingly higher prices.

    Pixel 10 New Features

    The Pixel 10 family isn’t looking to diverge too dramatically from what’s been working for it, but leaks have revealed a handful of notable upgrades.

    Perhaps the most notable change is that the standard Pixel 10 appears set to receive a triple rear camera, which has historically been reserved for the Pro models. This telephoto 5x optical zoom lens joins the usual main and ultrawide lenses—but it comes at a cost.

    It appears that the standard Pixel 10’s main lens has been reduced from 50MP to 48MP, while the ultrawide sensor has been reduced from 48MP to 13MP. Google is allegedly using the same sensors for these two cameras as the Pixel 9A, so the hope is that improvements to the AI software will offset the downgrades.

    Elsewhere, the Pixel 10 will also introduce Google’s Tensor G5 processor, which should provide a reasonable improvement to processing power. So, it’s a good thing that a larger battery is also expected for each version of Google’s new lineup. The standard Pixel 10 should receive a 4,970 mAh battery, while the Pixel 10 Pro and Pro XL will score 4,870mAh and 5,200mAh batteries, respectively. In addition to 27W wired charging, leaks have indicated that the Pixel 10 is likely to support 25W Qi2 wireless charging.

    Pixel 10 Colors

    As for what colors will be available at launch, known tipster Evan Blass has shared renders of every Pixel 10 device’s colors on Monday. These renders included the long-rumored Jade option that adds a nice, natural green to the mix. Additionally, back in July, Android Headlines claimed that the Pixel 10 Pro Fold will be ditching the black and white models and replacing them with Moonstone and Jade versions.

    Here are all of the alleged colors for each device:

    • Pixel 10 – Obsidian, Indigo, Frost, Limoncello
    • Pixel 10 Pro – Obsidian, Porcelain, Moonstone
    • Pixel 10 Pro XL – Obsidian, Porcelain, Moonstone, Jade
    • Pixel 10 Pro Fold – Moonstone, Jade

    It’s worth noting that rumors have stated that the base Pixel 10 Pro is also expected to receive the Jade colorway, but the renders from Blass didn’t include that combination. It seems we’ll have to stand by for Google’s confirmation on August 20.

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  • Craig Mazin Executive Producing ‘Blackout Room’ Drama In Works At HBO

    Craig Mazin Executive Producing ‘Blackout Room’ Drama In Works At HBO

    EXCLUSIVE: HBO is developing Blackout Room, a high-concept mystery thriller drama executive produced by The Last of Us co-creator, executive producer and showrunner Craig Mazin.

    Written and executive produced by Nine Days filmmaker Edson Oda, who is also set to direct, Blackout Room takes place In a near future where every single moment of everyone’s life is streamed 24/7 to the rest of the world. One woman becomes the object of global obsession when her son somehow disappears without a trace.

    Also executive producing are Jacqueline Lesko and Cecil O’Connor of Mazin’s Word Games.

    As he continues to shepherd acclaimed post-apocalyptic drama The Last of Us — now as the sole showrunner following the recent departure of co-creator/executive producer Neil Druckmann — Mazin also has been building a development slate under his HBO overall deal.

    In addition to Blackout Room, Mazin, along with Lesko and O’Connor, executive produces another series project from a filmmaker, Celine Song’s Damage, which is in the works at HBO. It is set in the world of competitive E-Sports.

    Oda is known for writing and directing Nine Days in his feature debut. It premiered at the 2020 Sundance Film Festival, with Oda winning the Waldo Salt Screenwriting Award. Nine Days, starring Winston Duke, also was nominated for Best First feature at the 2021 Independent Spirit Awards, with Benedict Wong nominated for Best Supporting Male.

    The Last of Us, whose recent second season landed 16 Emmy nominations, including Outstanding Drama Series, has been renewed for a third season.

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  • As stablecoin circulation soars, Circle Internet beats revenue target after hot IPO

    As stablecoin circulation soars, Circle Internet beats revenue target after hot IPO

    By Steve Gelsi

    Circle’s stock surges as investors shrug off a one-time quarterly loss and focus on a big jump in revenue and stablecoins in circulation

    Circle Internet’s stock is up after it reported a wider-than-expected loss but beat analysts’ revenue estimates.

    Circle Internet Group Inc.’s stock rallied Tuesday, as investors focused on the stablecoin issuer’s stronger-than-expected revenue instead of its loss in its first quarterly earnings update since its blockbuster initial public offering.

    Circle’s (CRCL) results impressed Wall Street with a 53% jump in second-quarter revenue and bullish comments on the outlook for stablecoins, which are a type of digital currency pegged one-to-one to the U.S. dollar DXY or another reserve asset.

    “We are seeing accelerating interest in building on stablecoins and partnering with Circle across every significant sector of the financial industry,” Circle Chief Executive Jeremy Allaire said in a statement.

    The stock was climbing 2.9% in early-afternoon trading at $166.12 a share – roughly double where it closed on its first day of trading on June 5, at $83.23. Circle’s IPO had priced at $31.

    Looking ahead, Circle may take aim at “careful and deliberate” acquisitions but Allaire doesn’t expect any big, complex deals at the current time.

    “We only want to do things that really fit clearly in that kind of product mandate,” Allaire said. “We’ve got a lot of organic development happening now and we’re excited to deliver on that.”

    Circle said circulation of its USDC stablecoin (USDCUSD) was $61.3 billion as of June 30, up 90% from a year ago. Since then, it has increased another 6.4% to $65.2 billion as of Aug. 10.

    The company’s second-quarter revenue increased to $658.1 million from $430.03 million a year ago and topped the analyst estimate of $645.7 million.

    Circle said it swung to a loss $482.1 million, or $4.48 a share, in its second quarter ending June 30. In the year-ago quarter, it earned $32.92 million, with no common stock outstanding at the time.

    Wall Street analysts expected Circle to lose 97 cents a share, according to FactSet data.

    The reason why Wall Street appeared not to care so much about the larger-than-expected loss was that it included one-time, noncash charges of $591 million related to its IPO, including $424 million for stock-based compensation related to vesting conditions.

    During the quarter, Circle debuted its Circle Payments Network, a product to help financial firms make payments with stablecoins.

    It also inked payments alliances Corpay Inc. (CPAY), Fiserv Inc. (FI) and crypto exchange Binance Holdings Ltd.

    Circle CEO Allaire said the company has been growing its relationship with Binance, among the largest trading platforms for crypto assets.

    “They’ve been a great partner and they’re leaning into both the technology and really driving USDC growth,” Allaire said.

    Circle said it’s planning a test launch this fall of Arc, which the company described as an open layer-one blockchain network and a foundation for capital markets, foreign exchange and payments using the USDC stablecoin. It’s planning to formally roll out the service by the end of the year.

    “We are at the fulcrum of a massive mainstream embrace of stablecoins in the financial system, and firms are racing to build on this infrastructure,” Allaire said. “Until now, the blockchain infrastructure needed to meet the most intense demands of major financial firms and enterprises has simply not existed.”

    -Steve Gelsi

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. 

    
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