- August 3, 2022
- Posted by: Stratford Team
- Category: Economy
Robinhood Markets Inc is slashing nearly a quarter of its staff as a pandemic trading boom has slumped.
The app-based brokerage dismissed 23 percent of its staff as it posted a 44 percent decline in revenue on slumping trading activity, in an earnings announcement on Tuesday that came a day earlier than scheduled and beat analyst expectations.
The Menlo Park, California-based brokerage posted net revenue for the second quarter ended June 30 of $318m as revenue from equity, options and crypto trading more than halved, compared with $565m a year earlier, according to a filing with the US Securities and Exchange Commission.
The company said it would commence another round of layoffs affecting 780 employees, on top of the 9 percent of full-time staff laid off earlier this year. It will also change its organisational structure to drive greater cost discipline.
Robinhood’s total operating expenses for the second quarter rose 22 percent on the same period…
