[ad_1]
For the second time this yr, Robinhood is chopping staff. The corporate introduced it will lay off 23 p.c of its workforce. In response to CEO Vlad Tenev, it will have an effect on each a part of Robinhood’s enterprise however will largely goal “operations, advertising and program administration capabilities.”
Tenev blamed a deteriorating macro atmosphere, pointing to report inflation and the cryptocurrency crash as the first causes for the corporate’s latest troubles. He additionally acknowledged that the corporate overhired final yr, assuming that retail traders would proceed buying and selling shares and crypto belongings on the fee they’d in the course of the early days of the pandemic. Earlier than April when Robinhood laid off 9 p.c of its workforce, the corporate had about 3,800 folks. “As CEO, I permitted and took accountability for our formidable staffing trajectory – that is on me,” he stated.
Robinhood additionally introduced its Q2 outcomes a day forward of schedule, reporting a web lack of $295 million after income dropped by 44 p.c year-on-year to $318 million.
In a letter to workers, Tenev stated that Robinhood would transition to an organizational mannequin the place normal managers would oversee broad areas of the corporate’s enterprise. “This modification will flatten hierarchies, scale back cross-functional dependencies, and take away redundant roles and positions,” he stated. Tenev added that affected workers can be notified through Slack and e mail.
Supply Engadget
Picture Credit score Pexels
Filed Below: Know-how Information
Newest Geeky Devices Offers
[ad_2]