• Headcount reductions are being carried out to fight declining buyer engagement.
• The corporate lower its workforce by 23% in August 2022.

Robinhood Markets introduced on June 26 that it’ll lay off about 7% of its full-time workers. This equates to about 150 folks. The change is being carried out by the corporate to deal with declining buyer engagement.

The group mentioned:

This is not the primary time Robinhood has lower workers. The corporate will lower its workforce by 23% in August 2022, bringing its complete workforce to 1,000.

lower in commerce quantity

In the course of the epidemic and lockdown, the corporate noticed an enormous rise in reputation amongst youthful prospects who flocked to commerce memetic shares and cryptocurrencies. In Q1 2021, our strongest quarter, we had over 21 million month-to-month energetic customers.

Nonetheless, by Might 2023, that quantity had dropped to round 11 million MAU. Moreover, transaction price earnings in Q1 2023 was down 5% year-on-year, and solely 50% of Q1 2021.

The newest layoffs hit staff within the areas of buyer expertise, platform shared providers, belief and security, and productiveness.

Lower than every week after agreeing to amass bank card firm X1 in a $95 million money transaction, Robinhood started shedding staff. Following a regulatory assault on the business this month, the corporate delisted some digital belongings and is now trying to diversify its income streams. The delisted belongings have been Cardano, Solana, and Polygon.

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