Robinhood cutting about 23% of jobs, releases second-quarter earnings – CNBC

Robinhood CEO Vlad Tenev said Tuesday in a press release that the fintech company will reduce its headcount by approximately 23%.The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”Robinhood laid off 9% of its workforce in April.”I want to acknowledge how unsettling these types of changes are,” Tenev said.The Robinhood website home screen on a smartphone.Gabby Jones | Bloomberg | Getty ImagesIn the release, Tenev said the company would flatten its organizational structure to give new general managers broad responsibility for its businesses. He also said that affected employees would receive an email and a Slack message letting them know if they were being let go or still had a job, immediately after an all-hands meeting held on Tuesday.The company also released its earnings report for the second quarter, one day earlier than expected. Here’s how it did.Revenue: $318 million vs. $321 million estimated, according to RefinitivLoss: 34 cents per share vs. 37 cents estimated, according to RefinitivRobinhood’s total net revenue of $318 million was up from $299 million in the first quarter, thanks to an…
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