Vlad Tenev, CEO and cofounder of Robinhood.
Kimberly White/Getty Images for Robinhood
Stock-trading app Robinhood will lay off 23% of its workforce, it said Tuesday.
The cuts primarily affect employees who work in operations, marketing, and program management.
Robinhood previously cut 8% of its workforce in April after growing too rapidly during the pandemic.
Stock-trading app Robinhood will lay off 23% of its staff, the company announced Tuesday.
The cuts will primarily impact employees in Robinhood’s operations, marketing, and program management departments, CEO Vlad Tenev said in a message to employees that was also posted on the company’s blog.
It’s the second round of layoffs for Robinhood in 2022. The company previously announced plans in April to lay off 9% of its workforce after growing too rapidly during the pandemic amid a boom in stock-trading interest.
At the time, Robinhood had around 3,900 employees. Tuesday’s cuts are likely to affect more than 800 jobs based on those numbers.
Shares of Robinhood fell more than 4% in late trading Tuesday following the announcement.
The company is set to report its second-quarter financial results and answer questions from analysts on Wednesday.
This story is developing. Check back for updates…