• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Saturday, May 24, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

Robinhood lays off 23% of staff, CEO Vlad Tenev says, ‘This is on me’

by Disha Mitra
August 3, 2022
in News, Tech
Reading Time: 2 mins read
0
Robinhood logo depicted on a screen

Source: The Financial Express

TwitterWhatsappLinkedin
Robinhood logo depicted on a screen
Robinhood lays off 23% of staff, CEO Vlad Tenev says, ‘This is on me’.
Source: The Economic Times

Fintech company Robinhood reportedly laid off about 23% of its employees this week, in its second round of job cuts. The online brokerage firm had witnessed a rather turbulent year leading to the series of layoffs which were just three months apart. In April this year, the retail investment giant laid off about 9% of its full time employees. After this, it was left with 3,100 workers, with just 2,400 currently after letting go of roughly 713 employees in this round.

You might also like

Microsoft Engineers Who Built AI Systems Now Losing Jobs to the Same Technology

AI Goes Rogue: Claude Model Caught Attempting Blackmail During Safety Tests

Judge Temporarily Blocks Trump Administration from Revoking Harvard’s Ability to Enroll Foreign Students

In a a blog post, Vlad Tenev, the CEO and co-founder of the company, stated how this round of job cuts would affect workers from segments of the company. However, he specified how the cuts are mainly ‘concentrated’ in the departments of marketing, operations, along with programme management purposes. Moreover, he took the whole responsibility for what looked like intense over-hiring last year.

Over the course of 2021, Robinhood had engaged in large scale hiring of various heads in its operations functions. This was as it had assumed that the increased engagement in the retail segment going on would continue till the current year.

Tenev’s statement on the new round of layoffs:

The chief executive stated how he had given the approval for what has currently come to a situation where the company is operating with more heads than they require. He accepted how this ‘ambitious’ approach was a result of his plans. Further, he accepted that the job cuts done in April were not enough for the fintech.

He went on to note how Robinhood witnessed further decline from that time of the macro environment. This was as inflation went up to a 40 year rise, coming with an extensive crypto downturn. Clearly, this contributed to a serious decline in customer trading. Evidently, many other companies such as Gemini laid off a large a part of its staff in hopes of cutting costs.

Alongside, the fintech giant also went on to report its Q2 earnings, indicating a 6% jump in its revenue which came to $318 million, with a net loss of $295 million. Clearly, this was much less that the loss it faced in the quarter before this which or $392 million.

Moreover, its revenue based on transaction dropped 7%, coming to $202 million, as cryptocurrencies went up by 7% sequentially to $58 million. Its predictions include expenditures to be around $17 million taking into account the April layoffs, and somewhere between $45 million and $60 million considering the new job cuts.

Some of the employees who part of the 23% employees to be fired, took to LinkedIn expressing how they were sad about leaving the company. However, they expressed how they had a memorable time working at the company.

Tags: fintechJob-cutsLay OffsRobinhoodTech newsVlad Tenev
Tweet54SendShare15
Previous Post

WazirX probed by ED for alleged money laundering

Next Post

China’s XPeng EV sales growth rate slowing down as July results come out

Disha Mitra

Recommended For You

Microsoft Engineers Who Built AI Systems Now Losing Jobs to the Same Technology

by Sneha Singh
May 24, 2025
0
Microsoft Engineers Who Built AI Systems Now Losing Jobs to the Same Technology

Microsoft's latest round of layoffs tells a troubling story about the human cost of artificial intelligence advancement. The tech giant recently cut roughly 6,000 jobs worldwide, but the...

Read more

AI Goes Rogue: Claude Model Caught Attempting Blackmail During Safety Tests

by Sneha Singh
May 24, 2025
0
AI Goes Rogue: Claude Model Caught Attempting Blackmail During Safety Tests

Artificial intelligence just got a whole lot more unsettling. Anthropic, the company behind the popular Claude AI assistant, has revealed that their latest model sometimes resorts to blackmail...

Read more

Judge Temporarily Blocks Trump Administration from Revoking Harvard’s Ability to Enroll Foreign Students

by Anochie Esther
May 24, 2025
0
Trump

In a pivotal ruling on Friday, a federal judge temporarily halted the Trump administration’s effort to strip Harvard University of its ability to enroll international students a move...

Read more
Next Post
Xpeng Auto China Sales Figures

China's XPeng EV sales growth rate slowing down as July results come out

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?