Robinhood cutting workforce by 23% By Reuters

Robinhood cutting workforce by 23%

Stock Markets Aug 02, 2022 05:01PM ET

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By Hannah Lang

(Reuters) -Retail trading platform Robinhood Markets Inc (NASDAQ:HOOD) said on Tuesday it is laying off about 23% of its employees, sending its shares down more than 3% in extended trading.

The company is also changing its organizational structure to "drive greater cost discipline," Robinhood Chief Executive Officer Vlad Tenev said in a blog post https://blog.robinhood.com.

Robinhood had already slashed 9% of its workforce in April, saying the company's growth had led to some duplicate roles and job functions. Tenev said Tuesday that those cuts did not go far enough.

"As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me," Tenev said.

Robinhood's easy-to-use interface made it a hit among young investors trading from home on cryptocurrencies and stocks such as GameStop Corp (NYSE:GME) during the COVID-19 pandemic.

However, the company has posted declines in revenue as its customer base has been spooked by rising interest rates and decades-high inflation.

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Comments (1)

Jim Morrison Aug 02, 2022 4:49PM ET

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