Robinhood Trims Workforce as Crypto Revenue Declines

Retail brokerage Robinhood is trimming its workforce by 10% as it grapples with a significant decline in cryptocurrency revenue. In April, the company reported that crypto transaction revenue had fallen 34% to $134 million from $221 million sequentially.

The layoffs are part of an effort to streamline operations and flatten the organizational structure at Robinhood, CEO Vlad Tenev said in an internal message. He emphasized that the cuts were proactive, stating, 'Robinhood's business has never been stronger.'

The company had around 2,900 full-time employees as of last year's end, according to its SEC filing. With the reduction, Robinhood will incur $28 million in restructuring costs, primarily due to employee severances and share-based compensation.