The fintech firm cuts approximately 10% of its full-time staff to streamline operations and accelerate product development.
Robinhood Markets (HOOD) announced plans to reduce its workforce by roughly 10% as part of an effort to sustain a high-performance culture and improve product velocity. The move follows a broader trend of cost-cutting in the tech sector amid economic uncertainty.
The company previously conducted layoffs in 2022, trimming about 23% of its staff. Tuesday’s announcement reflects ongoing adjustments to align with market conditions and operational priorities.
Shares of HOOD rose 2.2% in premarket trading following the news, signaling investor approval of the restructuring measures.