Robinhood Announces Massive Layoffs Along With Second-Quarter Earnings

Robinhood Announces, Massive Layoffs , Along With Second-Quarter Earnings .

On November 8, Robinhood CEO Vlad Tenev announced via press release that the fintech company would be laying off approximately 23% of its workforce.

On November 8, Robinhood CEO Vlad Tenev announced via press release that the fintech company would be laying off approximately 23% of its workforce.

NBC reports that the layoffs will mostly be focused on operations, marketing and program management.

According to Tenev, the reduction comes as a result of , “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”.

According to Tenev, the reduction comes as a result of , “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”.

In April, Robinhood laid off 9% of its employees.

I want to acknowledge how unsettling these types of changes are, Vlad Tenev, Robinhood CEO, via NBC.

According to the press release, Robinhood will flatten its organizational structure, giving new general managers more responsibility for business.

According to the press release, Robinhood will flatten its organizational structure, giving new general managers more responsibility for business.

Directly following a November 8 all-hands meeting, Tenev said that impacted employees would be informed if they still have a job via an email and a Slack message.

Directly following a November 8 all-hands meeting, Tenev said that impacted employees would be informed if they still have a job via an email and a Slack message.

The announcement of the layoffs came with the company's earnings report for the second quarter, which saw declines in revenue, stock value and monthly active users.

The announcement of the layoffs came with the company's earnings report for the second quarter, which saw declines in revenue, stock value and monthly active users.

NBC reports that shares of Robinhood are currently down 48% compared to the same time in 2021.

In July of 2021, the company went public at $38 per share, jumped as high as $85 per share and is now down to just $9.23 a share