Robinhood CEO Vlad Tenev announced that 9% of staff were laid off.
In its blog post, Tenev spoke of a period of staff growth that resulted in “some recurring roles and job functions and more layers and complexity than optimal.”
“After careful consideration of all these factors, we have decided to reduce Robinhood’s staffing to increase efficiency, improve speed and ensure that we can respond to the changing needs of our customers”
Robinhood’ The flour move preceded Thursday’s first-quarter earnings call. On its 4th earnings call in January, the firm saw a decline in overall net income compared to the first quarter of 2021.
Tenev also said that Robinhood plans to accelerate product acceleration through 2022 and introduce significant new products in Brokerage, Crypto and Spending/Savings.
Robinhood announced its plan to acquire crypto startup Ziglu earlier this month. The company also announced its plan to support Lightining Network payments at the Bitcoin 2022 event in Miami.
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