Robinhood to cut its workforce by 9%

Retail trading platform Robinhood Markets Inc said on Tuesday it is laying off about 9 per cent of its full-time employees, sending its shares down 5 per cent in extended trade.

The company, which is reporting its quarterly results later this week, said the rapid headcount growth has led to some duplicate roles and job functions.Robinhood's easy-to-use interface has made it a hit among young investors trading from home on cryptocurrencies and stocks such as GameStop Corp during the COVID-19 pandemic.

"We will continue to accelerate our product momentum through 2022 and will introduce key new products across brokerage, crypto and spending/saving," Chief Executive Officer Vlad Tenev wrote in a blogpost.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Huya cuts hundreds of staff, sources say, as Chinese tech retrenchesHONG KONG : Chinese video game streaming site Huya has started laying off staff, three sources close to the matter said, as more of the country's technology companies scale back after a bruising regulatory crackdown. Huya, which is controlled by Tencent Holdings and was once part of a plan the Chinese gam
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Global financial watchdogs look to cut emerging markets' vulnerabilitiesLONDON : Poorer countries should bolster their financial defences and big bond indexes should consider rule changes, the Financial Stability Board (FSB) said in a report on Tuesday on the vulnerabilties exposed by recent market panics.The Board, which coordinates financial rules for the G20 group of natio
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »