Robinhood will reduce its headcount by approximately 23%, laying off workers primarily in operations, marketing, and program management.
The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”“I want to acknowledge how unsettling these types of changes are,” Tenev said.
The company also dropped its earnings report for the second quarter, one day earlier than expected. Here’s how it did.34 cents per share vs. 37 cents estimated, according to Refinitiv
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