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Robinhood to lay off 7% of the workforce

Published 06/26/2023, 05:35 PM
Updated 06/26/2023, 05:34 PM
© Reuters Robinhood to lay off 7% of the workforce

Facing a decline in trading activity, Robinhood (NASDAQ:HOOD) is laying off around 7% of its workforce, or about 150 employees, according to a report by The Wall Street Journal.

This follows two previous layoffs in just over a year when the company cut more than 1,000 jobs.

The job cuts were implemented to adapt to trading volumes and improve team structures, according to an internal company message sent by CFO Jason Warnick.

The layoffs come after Robinhood's $95 million acquisition of credit-card startup X1 and amidst a drop in active users from 21M in Q2/21 to fewer than 11M in May.

Robinhood's shares are up 18% this year, but down 86% from their peak in 2021.

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