Robinhood will reduce its workforce by 9%

The logo of Robinhood Markets, Inc. is seen during a pop-up event on Wall Street following the company’s IPO in New York, U.S., July 29, 2021. REUTERS/Andrew Kelly

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April 26 (Reuters) – Retail trading platform Robinhood Markets Inc (HOOD.O) said on Tuesday it was laying off around 9% of its full-time employees, sending its shares down 5% in extended trading.

The company, which reports quarterly results later this week, said rapid headcount growth has led to the duplication of some roles and functions.

As of December 31, the company’s total workforce was 3,800 people.

Robinhood’s easy-to-use interface has made it a hit with young investors trading from home in cryptocurrencies and stocks such as GameStop Corp (GME.N) during the COVID-19 pandemic.

“We will continue to accelerate our product momentum through 2022 and introduce key new products in brokerage, crypto and spend/savings,” Managing Director Vlad Tenev wrote in a blog post. (https://bit.ly/3LmOj1P)

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Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri

Our standards: The Thomson Reuters Trust Principles.

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