Robinhood is firing nearly a quarter of its staff - The Verge

Robinhood, the company behind the popular stock trading app, has announced that it’s firing 23 percent of its staff just months after a previous round of layoffs.

Robinhood is letting go of nearly a quarter of its staff, CEO Vlad Tenev said in a message posted to the company’s blog.

“As part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%,” Tenev wrote. “While employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions.”

Robinhood’s chief product officer Aparna Chennapragada is also stepping down from her post as part of the restructuring, according to a filing with the Securities and Exchange Commission, though she’ll “remain employed in an advisory role to the CEO or his designee through January 2, 2023.” Chennapragada joined the company from Google in March 2021.

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The announcements came as Robinhood released its Q2 2022 earnings information a day earlier than scheduled, reporting total revenue of $318 million over the three months, which is 44 percent lower than the same period in 2021.

https://www.theverge.com/2022/8/2/23289369/robinhood-fires-23-percent-staff-second-round-layoffs

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