Robinhood lays off 7% of workforce on same day as Cardano, Polygon, and Solana delisting


27 Jun 2023 6:24 PM

The company's most recent round of layoff falls on its in-house delisting deadline for three tokens labeled "unregistered securities" in recent SEC actions....

  • Robinhood is cutting about 7% of its full-time employees, marking the company's third wave of layoffs in just over a year.
  • The decision comes as the company faces dwindling customer trading activity and follows the controversial delisting of three major cryptocurrencies.
  • Roughly 150 employees are impacted by the cut, primarily in roles related to customer experience, platform shared services, customer trust and safety, and safety and productivity.
  • The layoffs are part of an effort to "adjust to volumes and to better align team structures," according to CFO Jason Warnick.
  • Robinhood is also facing a significant drop in monthly active users and a decline in transaction-based revenue.
  • The delisting of three major cryptocurrencies could further pressure the firm's crypto trading volumes.

The article has a negative sentiment as it discusses Robinhood's layoffs, declining customer trading activity, and drop in monthly active users.

Go to publisher site

You May Ask

How many employees are impacted by Robinhood's latest round of layoffs?What are the primary roles impacted by the layoffs?What is the reason behind Robinhood's decision to cut jobs?What is the current number of monthly active users for Robinhood?What impact could the delisting of three major cryptocurrencies have on Robinhood's crypto trading volumes?

Suggested Reads