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.

The Robinhood website home screen on a smartphone.

Gabby Jones | Bloomberg | Getty Images

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

Source cnbc.com

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