Online broker Robinhood will lay off 23% of employees. This decision was announced by the CEO and co-founder of the company Vlad Tenev in a corporate blog.
The decision was made against the backdrop of a deteriorating macroeconomic environment “with record inflation in 40 years” and “the collapse of the cryptocurrency market”, which caused a reduction in client activity.
Most of the layoffs are planned in the operations and marketing departments, as well as in the program management division.
In April, the online broker announced a 9% cut in staff. Robinhood has cut more than 1,000 jobs since the beginning of 2022.
In Q2, Robinhood reported a 34% year-over-year decline in the platform’s monthly active users to 14 million in June. Revenue decreased 44% to $318 million.
Earlier, the OpenSea NFT marketplace announced the layoffs of 20% of staff amid the crypto market crash and economic instability. Cryptocurrency exchange Coinbase also announced an 18% staff cut in June.
Author:
anastasia mariana
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
