Robinhood releases 23 % of employees the day before the result report
Robinhood releases 23 % of employees the day before the result report

- dismissed employees have the opportunity to stay with full payment and social benefits by October 1, 2022
- Hood noted about 4.5 % lower on Tuesday
Robinhood released 23 % of its employees, the company said on Tuesday - one day before the results were announced for the second quarter.
The cuts mainly focus on the company, marketing and program management teams, the CEO of Robinhood vlad tenev wrote in a bloggen Post. The step takes place shortly after the company had announced a reduction in the number of employees by 9 % in April 2022 and led a decline in growth.
The effects on the company's crypto trade business are not clear. A spokesman for the department did not immediately answer a request for comment.
The first round of reduction went "not far enough" wrote.
macro -conditions and increasing inflation contributed to a reduced trading activity - which led to lower fees - said Tenev. In addition, the recent crypt of the cryptom market has had a negative impact on the trading volume and the associated assets.
"Last year we occupied many of our operating functions, assuming that the increased commitment of retail, which we had seen with the stock and cryptoma markets in the Covid era, would last until 2022," said Tenev. "In this new environment we work with more staff than appropriate."
Disappated employees receive an email and a slack message, according to the blog. Outstanding employees have the opportunity to remain full of payment and social benefits by October 1, 2022.Analysts had already estimated that Robinhood, which went to the stock exchange in 2021, after developing a toll-free trade structure for shares that would miss the consensus growth indicator of Wall Street-before the layoffs were released.
The company's shares were traded by about 4.5 % lower on Tuesday after business.
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