Robinhood to cut 23% of its workforce, revenue sinks 44%

Just months after cutting 9% of its workforce, Robinhood on Tuesday announced plans to lay off another 23%.

The latest cuts, which will affect 780 employees, continues a massive freefall for the once high-flying online brokerage. In a separate development Tuesday, the state of New York hit the Menlo Park, California, firm with a $30 million fine.

In a blog post on the company's website, Robinhood CEO Vlad Tenev said the "deterioration of the macro environment" — notably decades-high inflation coupled with a cryptocurrency crash — has reduced the company's customer trading activity and assets under custody.