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- Robinhood will let go of 10% of its employees, CEO and co-founder Vlad Tenev told the company on Tuesday.
- In April, the company noted that cryptocurrency transaction revenue fell 34% sequentially to $134 million from $221 million.
- At the end of last year, the retail brokerage had about 2,900 full-time employees.
Robinhood revealed on Tuesday that it will lay off 10% of its employees, in an effort to streamline operations amid a sharp decline in cryptocurrency-related revenue.
The company is reducing its headcount along with efforts to flatten its organizational structure and support a “lean, highly focused team,” CEO Vlad Tenev told employees, according to an internal message. subscriber By retail brokerage on X before the opening bell.
“We cannot fall behind as a densely layered organization,” he said. “Our execution is strong today, but our ambitions require us to continually upgrade our capabilities.”
When Robinhood It has been detected Q1 Earnings In April, the company reported its lowest quarterly profit in a year. Meanwhile, the company noted that revenue from cryptocurrency transactions fell 34% sequentially to $134 million from $221 million.
The performance highlighted the company’s continued exposure to cryptocurrency traders who have become less reactive amid tepid market conditions. However, Tenev described the company’s cuts as proactive, saying, “Robinhood’s business has never been stronger.”
Robinhood’s stock price fell 1% to $97 on Tuesday, according to Yahoo Finance. While shares rose to an all-time high of $153 last year, peaking around that time Bitcoin It reached an all-time high above $126,000 in October, and has fallen roughly 12% year to date.
in SEC filing Accompanying its 2025 annual report, Robinhood said it has about 2,900 full-time employees, highlighting its “lean organizational structure.”
It’s unclear how the cuts could impact Robinhood’s development of crypto-facing products, including… Stock symbols Available to customers in Europe as well Robin Hood seriesthe company resolution-Based on Ethereum Layer 2 scaling network.
A Robinhood spokesperson noted Decryption According to Tenev’s statement.
In separate Deposit The company said Tuesday it expects to incur $28 million in restructuring costs that reflect employee terminations, benefits and stock-based compensation.
“The company is taking this action from a position of business strength,” the company added, saying that “June-to-date average daily trading volume (has) been at record levels across the stock, options and forecast markets.”
this year, numerous encryption Companies have reduced their headcount amid an ongoing decline in cryptocurrency prices, often referred to as crypto winter. In March, for example, Crypto.com Leave it It has 280 employees, or 12% of its workforce, signaling a shift toward AI-driven operations. A month ago, Jack Dorsey blocked He said It will eliminate more than 4,000 jobs, more than 40% of its workforce.
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