Robinhood posts 44% stoop in income, additional slashes headcount by 23%

Robinhood Markets Inc mentioned on Tuesday it was slashing 23 p.c of its workers because it posted a 44-percent decline in income on slumping buying and selling exercise, in an earnings announcement that got here a day sooner than scheduled and beat analyst expectations.

The Menlo Park, California-based brokerage posted web income for the second quarter ended June 30 of $318 million as income from fairness, choices and crypto buying and selling greater than halved, in contrast with $565 million a yr earlier, based on a submitting with the U.S. Securities and Change Fee.

The corporate mentioned it might start one other spherical of layoffs affecting 780 workers, on high of the 9 p.c of full-time workers laid off…

Carry on studying: Robinhood posts 44% slump in revenue, further slashes headcount by 23%

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