Robinhood Markets to cut its workforce by 9%

Retail buying and selling platform Robinhood Markets Inc mentioned on Tuesday it’s shedding about 9% of its full-time workers, sending its shares down 5% in prolonged commerce.

The corporate, which is reporting its quarterly outcomes later this week, mentioned the fast headcount progress has led to some duplicate roles and job capabilities.

As of Dec. 31, the corporate’s complete headcount was 3,800.

Robinhood’s easy-to-use interface has made it successful amongst younger buyers buying and selling from dwelling on cryptocurrencies and “meme” shares similar to GameStop in the course of the COVID-19 pandemic.

“We are going to proceed to speed up our product momentum by way of 2022 and can introduce key new merchandise throughout brokerage, crypto and spending/saving,” Chief Govt Officer Vlad Tenev wrote in a blogpost.

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