Robinhood is reducing its workforce by approximately 10 percent. The move affects staff from a base of roughly 2,900 employees. The company aims to streamline operations following weaker first-quarter results.
Robinhood announced the layoffs on June 16 as part of efforts to adjust to lower crypto-related revenue.
CEO Vlad Tenev stated that the business remains stronger than ever. He highlighted record trading volumes recorded in June.
The reductions come despite the positive trading activity. They follow a period of subdued performance earlier in the year.
The company described the changes as necessary to improve efficiency in current market conditions.
