The online brokerage firm blamed the declining crypto market for the drastic move.
From the Q2 results, Robinhood made $318 million in net revenue, down 44% year-on-year, although up 6% compared to last quarter’s results.
The Q2 results also revealed that the monthly active Robinhood users dropped to 14.0 million in June, a drop of 1.9 million from last quarter’s numbers.
Tenev said that the layoff at the start of the year did not go far enough especially following the economic conditions and the collapse of the crypto market.
The post Robinhood cuts a further 23% of its workforce citing “Broad Crypto Market Crash” appeared first on Invezz.
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