Robinhood layoffs

2022 - 4 - 26

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Image courtesy of "TechCrunch"

Robinhood to lay off 9% of full-time employees (TechCrunch)

Robinhood's layoff announcement comes days before the company is expected to report its Q1 2022 financial performance.

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Image courtesy of "The New York Times"

Robinhood Says It Will Lay Off 9% of Its Employees (The New York Times)

The company's co-founder Vlad Tenev said it had overhired during the height of the pandemic, and now needed to “increase our velocity.”

Robinhood had to halt some trades and raise rounds of emergency funding to cover the collateral needed for its customers’ trades. The Silicon Valley company has long attracted scrutiny for its commission-free one-click trading, especially of riskier assets such as options. Since 2020, the company’s work force has grown almost six times, to 3,800 people from 700, leading to duplicate roles and job functions and “more layers and complexity than are optimal,” he said.

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Image courtesy of "Crunchbase News"

Robinhood Announces Layoffs After Hypergrowth... (Crunchbase News)

Robinhood grew its net funded accounts from 5 million to 22 million and revenue from around $278 million in 2019 to more than $1.8 billion in 2021. During that ...

News of the company’s layoffs come during a time when tech stocks in particular have been hit hard. During that time, the company also grew its headcount from around 700 employees to nearly 3,800. Robinhood grew its net funded accounts from 5 million to 22 million and revenue from around $278 million in 2019 to more than $1.8 billion in 2021.

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Image courtesy of "CNN"

Robinhood shares plummet as company announces layoffs - CNN (CNN)

Robinhood CEO Vlad Tenev announced Tuesday afternoon that the online trading platform will lay off 9% of its workforce as shares of the company's stock hit ...

The average age of its users is 31, and about 50% of those are first-time investors, the company has said, making it more susceptible to user drop-off during economic slowdowns. , Tenev wrote that Robinhood's financial position was strong, with over $6 billion in cash on its balance sheet. "After carefully considering all these factors, we determined that making these reductions to Robinhood's staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers," said Tenev.

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Image courtesy of "Newsweek"

Robinhood Layoffs Sees 1 in 10 Employees Fired as Stock Price ... (Newsweek)

Robinhood (HOOD) CEO and co-founder Vlad Tenev has announced plans to cut around 9 percent of the company's full-time staff, as shares of the U.S. retail ...

Robinhood is still betting on cryptocurrency to stay afloat. Tenev blamed the layoffs on what he called a period of "hyper growth" for the company between 2020 and the first half of 2021, "accelerated by several factors including pandemic lockdowns, low interest rates, and fiscal stimulus," which led the company to hire way more people than the Robinhood CEO says the company needs now. In a message addressed to all Robinhood employees, Tenev said that the decision "wasn't easy," but it was "necessary" to "improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers."

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Image courtesy of "Forbes"

Robinhood Lays Off 9% Of Full-Time Employees After Decline In Users (Forbes)

Robinhood's pandemic-era gains are receding, and CEO Vlad Tenev announced Tuesday that around 340 employees would be laid off.

Robinhood’s active user base has dwindled from 18.9 million in the third quarter of 2021 to 17.3 million in the last quarter, according to the company’s earnings report. After Robinhood entered the public markets via an IPO last July, the company’s stock price rose more than 60% in a matter of days, reaching a high of $70.39 August 4. Robinhood stock—which had already fallen by 3.75% to $10 per share by the close of regular trading Tuesday— fell by 4.8% to $9.52 in after-hours trading shortly after the layoffs were announced.

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Image courtesy of "The Block Crypto"

Robinhood announces layoffs ahead of first-quarter earnings release (The Block Crypto)

Brokerage app company Robinhood has laid off "approximately 9%" of its global staff, according to a blog post from the firm's CEO Vlad Tenev.

"For the first quarter of 2022, Robinhood anticipates that total net revenues will be less than $340 million, which assumes some incremental improvement in trading volumes versus what we have seen so far," Robinhood said at the time. Earlier this month, Robinhood announced its plan to acquire crypto startup Ziglu, and at the Bitcoin 2022 event in Miami announced the broader rollout of wallet services and a plan to support Lightning network payments. The move comes ahead of Robinhood's Q1 2022 earnings release on Thursday. In January, when the firm reported its Q4 2021 earnings, Robinhood predicted a decline in total net revenues compared to 2021's first quarter.

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Image courtesy of "CNBC"

Robinhood cutting about 9% of full-time employees (CNBC)

Retail brokerage firm Robinhood is cutting back staffing levels, citing “duplicate roles and job functions” after rapid expansion last year.

The move will affect about 9% of full-time employees. Robinhood reported 3,800 full-time employees as of Dec. 31. CEO Vlad Tenev made the announcement in a blog post on Tuesday afternoon. - The move will affect about 9% of full-time employees. - Robinhood reported 3,800 full-time employees as of Dec. 31. - CEO Vlad Tenev made the announcement in a blog post on Tuesday afternoon.

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