Robinhood lays off almost one in four employees – net sales fall sharply

Dusseldorf Robinhood has announced drastic staff cuts. The online broker reduced the number of employees by around 23 percent. The company boss Vlad Tenev said on Tuesday (local time) in the company blog. At first, Robinhood did not provide any information on the specific number of terminations. According to US media, around 780 employees have already been laid off.

In April, Tenev had already announced a nine percent job cut. “That didn’t go far enough,” he now explained. In total, more than 1,000 jobs are to be lost in the two rounds of layoffs.

In addition, Robinhood announced the key data for the development of the second quarter a day earlier than planned. Net loss was $295 million, or 34 cents per share, after $502 million in the second quarter of 2021. Net sales fell 44 percent year-on-year to $318 million.