Robinhood starts cutting workforce by 23%

Robinhood Markets Inc (NASDAQ: HOOD) on Tuesday said it is laying off around 23% of its employees amid its declining revenue and monthly users.

The retail trading platform is also changing its organizational structure to "drive greater cost discipline," Robinhood Chief Executive Officer Vlad Tenev said in a blog post.

Robinhood had already slashed 9% of its workforce in April, saying the company's growth had led to some duplicate roles and job functions.

Tenev said Tuesday that those cuts did not go far enough.