Robinhood posts 55% slump in revenue, monthly user declined almost one-third

Robinhood Markets Inc (NASDAQ: HOOD) on Tuesday said its revenue dipped 55% in the second quarter on slumping trading activity, with monthly active users also falling by roughly a third.

The California-based brokerage posted net revenue of $318 million for the quarter ended June 30, compared with $565 million a year earlier.

The company said it would commence another round of layoffs affecting 780 employees and will change its organizational structure to drive greater cost discipline, which will cost the firm between $30 million to $40 million.

Robinhood laid off 9% of its workforce in April.