Shillong, June 27: Silicon Valley-based online trading platform Robinhood has announced another round of layoffs, affecting approximately 7% of its full-time employees. The company is letting go of around 150 workers in response to a decline in customer trading activity, as reported in an internal message obtained by The Wall Street Journal.
This marks the third time Robinhood has implemented layoffs within a span of just over a year. The recent job cuts are intended to align with trading volumes and enhance team structures, as outlined in an internal memo by the company’s CFO, Jason Warnick.
Earlier in March, Robinhood laid off 23% of its workforce, following a previous reduction of 9% during the global economic uncertainties. CEO and co-founder Vlad Tenev explained in a blog post that the layoffs impacted employees across various functions, with a notable concentration in operations, marketing, and program management roles.
Robinhood’s second-quarter results revealed a net revenue of $318 million, accompanied by a net loss of $295 million. These latest job cuts come in the wake of the company’s acquisition of credit-card startup X1 for $95 million.
