Robinhood Trims Workforce by 10%, Amid Crypto Revenue Decline

Retail trading platform Robinhood has announced plans to cut around 10% of its workforce, eliminating approximately 290 positions. The layoffs are part of a broader effort by CEO Vlad Tenev to create a 'lean, hyper-focused team' with fewer management layers.

The company expects the cuts to cost around $28 million in restructuring charges, which will be booked in Q2 2026. This figure includes $20 million in cash severance and benefits, as well as $8 million tied to share-based compensation.

Robinhood's revenue took a hit due to declining crypto trading volumes, with transaction revenue plummeting 47% year-over-year to $134 million. Tenev framed the layoffs as a necessary step towards improving efficiency and fostering a high-performance culture.