Robinhood cutting about 23% of jobs, releases second-quarter earnings

Robinhood CEO Vlad Tenev said Tuesday in a press release that the fintech company will reduce its headcount by approximately 23%.

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.”

Robinhood laid off 9% of its workforce in April.

“I want to acknowledge how unsettling these types of changes are,” Tenev said.

In the release, Tenev said the company would flatten its organizational structure to give new general managers broad…