{"id":47345,"date":"2022-08-02T21:12:18","date_gmt":"2022-08-02T21:12:18","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/08\/02\/robinhood-slashes-23-of-its-workforce-amid-trading-slump\/"},"modified":"2022-08-02T21:12:18","modified_gmt":"2022-08-02T21:12:18","slug":"robinhood-slashes-23-of-its-workforce-amid-trading-slump","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/08\/02\/robinhood-slashes-23-of-its-workforce-amid-trading-slump\/","title":{"rendered":"Robinhood slashes 23% of its workforce amid trading slump"},"content":{"rendered":"<section >\n<p>Popular trading app Robinhood said Tuesday it was cutting 780 employees, or about 23 percent of its full-time staff, amid a drop in transactions and continued losses. <\/p>\n<p>Robinhood said its transaction-based revenue \u2014 money it makes when customers trade stocks, options or cryptocurrencies \u2014 fell from a year earlier, when many retail investors <span >piled into &#8220;meme stocks&#8221;<\/span> and asset values \u200b\u200bwere high.  The company&#8217;s transaction revenue more than halved to $202 million in the quarter ended June 30, compared with $451 million a year earlier. <\/p>\n<p>Robinhood shares have lost about 50% of their value so far this year;  fell 2.3% after markets closed Tuesday at $9.92. <\/p>\n<p>The cuts mark the second round of layoffs this year for Robinhood, which previously shed 9% of its workforce as its business faces a slumping stock and a \u201c<span >crypto winter<\/span>\u201cwhich decimated the value of many cryptocurrencies. <\/p>\n<p>In a blog post on Tuesday, Robinhood CEO Vlad Tenev blamed &#8220;inflation at 40-year highs accompanied by a broad cryptocurrency market crash&#8221; for the company&#8217;s financial woes.<\/p>\n<p>&#8220;This has further reduced client trading activity and assets under custody,&#8221; he wrote on Tuesday. <\/p>\n<p>Tenev said the company&#8217;s employees will be affected by the layoffs, but that the cuts will focus on Robinhood&#8217;s operations, marketing and program management groups. <\/p>\n<p>    <!-- data-recirc-source=\"\" --><\/p>\n<style type=\"text\/css\">\n<p>      .component--recirculation-type .item:nth-child(5) { display: none;  } #inline-recirc-item--id-8cfeb795-9de5-46ab-98fb-f0a5aade49ae, #right-rail-recirc-item--id-8cfeb795-9de5-46ab-98fb-f0a5aade49ae { display: none;  } #inline-recirc-item--id-8cfeb795-9de5-46ab-98fb-f0a5aade49ae ~ .item:nth-child(5) { display: block;  }\n    <\/style>\n<p><!-- tags --><\/p>\n<div ><\/div>\n<\/section>\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/robinhood-lays-off-23-percent-of-staff\/\">Source <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Popular trading app Robinhood said Tuesday it was cutting 780 employees, or about 23 percent of its full-time staff, amid a drop in transactions and continued losses. Robinhood said its transaction-based revenue \u2014 money it makes when customers trade stocks, options or cryptocurrencies \u2014 fell from a year earlier, when many retail investors piled into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[53],"tags":[],"class_list":["post-47345","post","type-post","status-publish","format-standard","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Robinhood slashes 23% of its workforce amid trading slump - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/08\/02\/robinhood-slashes-23-of-its-workforce-amid-trading-slump\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robinhood slashes 23% of its workforce amid trading slump\" \/>\n<meta property=\"og:description\" content=\"Popular trading app Robinhood said Tuesday it was cutting 780 employees, or about 23 percent of its full-time staff, amid a drop in transactions and continued losses. 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