Robinhood lays off another 7% of full-time employees
San Francisco, June 27 (IANS) Silicon Valley-based online trading app Robinhood has laid off another 7 per cent of its full-time workforce.
About 150 employees are being laid off in a fresh job cut round, according to an internal company message, reports The Wall Street Journal.
It is the company’s third round of layoffs in just over a year as it adjusts to a slowdown in customer trading activity. The fresh job cuts were implemented to adapt to trading volumes and improve team structures, according to an internal memo by company’s CFO Jason Warnick.
In March, Robinhood sacked 23 per cent of its workforce, just three months after the fintech platform reduced its headcount by 9 per cent amid the global economic turmoil.
In a blogpost, Robinhood CEO and co-founder Vlad Tenev had said that “employees from all functions would be impacted” and the layoffs are “particularly concentrated in the company’s operations, marketing and programme management functions.
“As part of a broader company reorganisation into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23 per cent,” Tenev added.
Robinhood reported net revenue of $318 million on a net loss of $295 million in its second quarter results. The latest layoffs came after Robinhood’s $95 million acquisition of credit-card startup X1.