Robinhood Cuts 10% of Workforce as Crypto Revenue Declines

Robinhood Markets saw its shares tick up 1.3% in premarket trading after announcing it would cut roughly 10% of its full-time workforce.

The company has been undergoing a sustained trimming operation that started with 1,000 US positions eliminated on February 3, followed by 300 jobs at the Menlo Park office confirmed on March 22, and an additional roughly 50 employees let go globally in May.

Between 2020 and 2021, when meme stocks and crypto mania turned every retail investor into a day trader, Robinhood ballooned from approximately 700 employees to nearly 3,800. The company started cutting in April 2022, eliminating around 340 jobs, or roughly 9% of staff.

Q1 2026 financial results showed a notable drop in cryptocurrency trading revenue, with HOOD stock falling more than 27% year-to-date.