Robinhood slashes 23% of its workforce amid trading slump
CBSN
Popular trading app Robinhood on Tuesday said it is cutting 780 employees, or about 23% of its full-time staff, amid a slump in transactions and ongoing losses.
Robinhood said its transaction-based revenue — money it earns when customers trade stocks, options or cryptocurrencies — plunged from a year earlier, when many retail investors piled into on "meme stocks" and asset values were high. Revenue from transactions at the company more than halved to $202 million in the quarter ended June 30, compared with $451 million a year earlier.
Robinhood's stock has shed about 50% of its value so far this year; it fell 2.3% after markets closed Tuesday to $9.92.
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