Robinhood to axe 7% of full-time staff in latest round of layoffs: Report

” The reported layoffs come just five days after Robinhood obtained credit card company X1 in a $95 million deal. Last year, Robinhood cut its overall headcount by 9% in April and let go of 23% of its staying personnel in August as a decrease in trading activity and suppressed rates of cryptocurrencies and equities saw profit margins shrink.The 2 cuts accounted for the loss of more than 1,000 staff.Related: Robinhood will end support for 3 tokens named in SEC lawsuitsAt its peak in the 2nd quarter of 2021, Robinhood boasted 21.3 million active users and more than $565 million in earnings. Things have actually soured for the brokerage company of late, with Robinhoods Q1 2023 results showing a 44% decrease in regular monthly active users and a 30% year-over-year decline in revenue.Transaction-based revenues since Q1 2021.

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