The retail brokerage reduces staff to streamline operations after crypto transaction revenue fell to $134 million in Q1.
Robinhood is laying off 10% of its workforce, affecting approximately 290 employees, as part of a restructuring effort. The move follows a 34% sequential decline in crypto transaction revenue to $134 million in the first quarter, down from $221 million previously.
The company reported its smallest quarterly profit in a year during Q1, citing reduced engagement from crypto traders amid weak market conditions. CEO Vlad Tenev described the cuts as proactive, aiming to create a leaner organizational structure while maintaining strong execution.
Robinhood’s stock price dipped 1% to $97 in early trading Tuesday following the announcement.