The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kellysaid on Monday it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services.
The Menlo Park, California-based company added that in some cases, teams could make changes based on volume, workload and other factors.Robinhood played a crucial role in the retail-trading frenzy during the pandemic but has struggled with a contracting customer base spooked by higher cost of commodities.
The news comes a week after the company announced that it was buying financial technology firm X1 Inc for about $95 million in cash as it looks for new revenue streams to counter weakness in its mainstay trading unit.announced job cuts and said that it would change its organizational structure to drive greater cost discipline.
In its most recent quarter, the company surpassed Wall Street revenue estimates, as the U.S. Federal Reserve's rapid rate hikes boosted its interest income.
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Robinhood is laying off around 7% of staff, WSJ reportsStock-trading app Robinhood Markets Inc. is laying off around 7% of its full-time staff, or around 150 people, the Wall Street Journal reported on Monday....
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