Robinhood is firing nearly a quarter of its staff

“Employees from all functions will be impacted.” | Illustration by Alex Castro / The Verge

Robinhood is letting go of nearly a quarter of its staff, CEO Vlad Tenev said in a message posted to the company’s blog.

“As part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%,” Tenev wrote. “While employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions.”

The announcement came as Robinhood released its Q2 2022 earnings information a day earlier than scheduled, reporting total revenue of $318 million over the three months, which is 44 percent lower than the same period in 2021.

In April, Robinhood said it planned to cut 9 percent of its…

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Author: Jay Peters