Brokerage app company Robinhood has laid off “approximately 9%” of its global staff, according to a blog post from the firm’s CEO Vlad Tenev.
In the post, Tenev cited a period of significant headcount growth that resulted in “some duplicate roles and job functions, and more layers and complexity than are optimal.”
“After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers,” he wrote.
The move comes ahead of Robinhood’s Q1 2022 earnings release on Thursday. In January, when the firm reported its Q4 2021 earnings, Robinhood predicted a decline in total net revenues compared to 2021’s first quarter.
“For the first quarter of 2022, Robinhood anticipates that total net revenues will be less than $340 million, which assumes some incremental improvement in trading volumes versus what we have seen
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