Robinhood is laying off nearly one-quarter of its workers
Chief Executive Vlad Tenov publicly announced the layoffs in a Tuesday afternoon blog post, acknowledging that his prior plan to let go of 9% of the Robinhood HOOD, +2.10% workforce while engaging in “greater cost discipline,” which was announced in April, “did not go far enough.”
The layoffs are expected to impact employees in all functions, but mostly those in operations, marketing and program management. The blog post came after a companywide meeting and indicated that staffers would learn of their status via email and Slack “immediately” after that meeting so that employees “don’t have to wait for clarity.”
Also on Tuesday, Robinhood reported second-quarter financial results, which arrived a day earlier than scheduled.The company posted a net loss of $295 million, or 34 cents a share, compared with a loss of $392 million, or 45 cents a share, in the year-prior quarter. Revenue climbed 6% to $318 million.
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