Robinhood Markets plans to cut its workforce by 9%


Retail platform Robinhood Markets Inc said Tuesday it was laying off about 9% of its full-time employees and letting its shares fall 5% in extended trading.

The company, which reports its quarterly results later this week, said rapid growth in headcount has resulted in some dual roles and job functions.

As of December 31, the company’s total workforce was 3,800.

Robinhood’s user-friendly interface has made it a hit with young investors trading cryptocurrencies and “meme” stocks like GameStop from their homes during the COVID-19 pandemic.

“We will continue to accelerate our product momentum through 2022, introducing key new products in brokerage, crypto and spending/savings,” Chief Executive Officer Vlad Tenev wrote in a blog entry. Robinhood Markets plans to cut its workforce by 9%


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