Robinhood to slash 7% of full-time workforce in latest layoffs

Commission-free investing app Robinhood is cutting about 7% of its full-time staff in its third round of layoffs in just over a year, nearly havling the company’s headcount from what it was at the start of 2022.

About 150 workers across customer experience and platform shared services; customer trust and safety; and safety and productivity will be affected♊, according to an internal memo 𝕴obtained by

The firings were made to “adjust to volumes and to better align team structures,” Chief Financial Officer Jason Warnick said in the message, the outlet reported.

It’s unclear when workers will start getting handed pink slips, which comes as the company adjusts to a slowdown in customer trading activity.

A Robinhood spokesperson told The Journal: “We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design and more.”

Meanwhile, Robinhood’s LinkedIn page boasts job openings for 185 positions at its headquarters in Melo Park, Calif., as well as offices in New York, Denver, Seattle and more.

The Post has reaꦅched out to Robinhood for comment.

However, Robinhood’s revenue is up.

The stock trading and investing platform reported $♏44🌃1 million in earnings in Q1 of 2023.

The company earned $299🌠 million during the same period꧒ in 2022, according to its earnings report.

The impending layoffs 🅰were announced less than a week after Robinhood acquired no-fee credit card startupꦚ X1 in a $95 million cash deal.

“Together with X1, Robinhood will now be able to offer our customers access to credit,” co-founder and CEO Vlad Tenev said in a statement on Robinhood’s .

The 150 workers slated to be given pink slips is the third round of layoffs at the c𒈔ompany since April🌞 2022.

Robinhood laid off about 9% of its full-time 🅰staffers last April — and then another 23% in August.

According its annual report, Robinhood had about 3🍌,800 employees in 2021, which was slashed to about 2,300 by the end of 2022.

Now, Rob♐inhood boasts a workforce of about 1,200, according to its listing on job board .

The second quarter of 2021 was the platform’s best, according to public filings, when it touted over 21 million monthly active users who used the app to trade stocks and invest from their mobile phones during the pandemic.

In the first quarter o𒅌f 2023, monthly activ🎃e users have dipped to 11.8 million.

Shares of Rob💦inhood closed up 3.2% on Tuesday, and are up 23% year-to-date.

However, shares are down about 86% from Robinhood’s record high in 2021, shortly after the company went public.