Robinhood to Lay Off 23% of its Staff Following the Second Quarter Revenue Release

August 4, 2022

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Robinhood has announced plans to cut off 23% of its workforce, equating to nearly a quarter of its current staff after releasing the 2022 second-quarter revenue.

The Menlo Park financial services company after its second-quarter revenue plunged 44% to $318 million and a fall in active monthly users by 34% to 14 million from the prior year.

The lay off will basically be in operations, marketing and program management, In the release, The CEO of Robinhood, Vlad Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”

He furthered that the company will flatten its organizational structure to widen the responsibility of the new general managers. The affected workforce will be mailed, also a slack message will be sent across to inform the employees of whether they’re affected or still have their job, said Tenev.

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Robinhood Revenue Drops

Robinhood for a while has been struggling to meet up with its usual earnings as in recent months, it has been recording a drop in revenue.

In April, the company announced that it is laying off 9% of its staff citing “duplicate roles and job functions” after rapid expansion last year.

The recent layoff is linked to declining revenue and monthly users of Robinhood.

The quarter two earnings released by the company however goes thus;

  • Revenue: $318 million vs. $321 million estimated, according to Refinitiv
  • Loss: 34 cents per share vs. 37 cents estimated, according to Refinitiv

The total revenue soars compared to the first quarter ($318 vs $295), all thanks to cryptocurrency activities and net interest, even though there was an increase in revenue, it is yet lower than the 2021 second quarter revenue of $565 million.

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