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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.
"As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me," Tenev said.
The company on Tuesday said its revenue declined 55% in the second quarter, and its monthly active users slumped almost one-third from a year earlier.
Robinhood's easy-to-use interface made it a success among young investors trading from home on cryptocurrencies and stocks such as GameStop during the COVID-19 pandemic.
Picture Credit: Forbes
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