Crypto and stock trading app Robinhood has laid off 7% of its full-time workforce, accounting for nearly 150 employees, according to a recent report from The Wall Street Journal citing an internal company message. The move marked Robinhood's third round of mass layoffs in just over a year. In the internal message, the firm's chief financial officer (CFO), Jason Warnick, said the layoffs aim to better coordinate team structures and adapt to volumes. - A Robinhood spokesperson also recently stated that the teams sometimes make changes based on several factors, including volume and workload.
- Robinhood had nearly 2,300 full-time employees at the end of 2022.
- The recent layoff has affected roles in the departments of customer experience and platform shared services, customer trust and safety, and safety and productivity.
- The company reduced its headcount by over 1,000 employees in the two previous mass layoffs combined.
- Following these staff cuts, the firm also experienced an increase in employees voluntarily leaving the company.
The latest layoff followed a 30% decline in the company's crypto trading revenue in Q1. - Robinhood also recently reported that its crypto trading volume decreased by 68% in May compared to the same month in 2022.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Robinhood. |
