Robinhood Reduces Workforce 10% While Pledging to Keep Hiring

Robinhood (HOOD) is slicing about 290 jobs, roughly 10% of its full-time workforce, as CEO Vlad Tenev flattens the group construction and pushes for increased expertise density.

The buying and selling platform framed the discount as a proactive transfer from power, citing report June buying and selling volumes throughout equities, choices, and prediction markets.

Why Robinhood Is Cutting Staff Now

Robinhood had about 2,900 full-time workers as of December 31, so the minimize impacts roughly 290 roles. The firm expects about $20 million in severance and benefits charges.

It additionally anticipates roughly $8 million in share-based compensation bills. Both expenses will land within the second quarter.

Tenev stated the agency acted from a place of power relatively than monetary strain. 

“Robinhood’s enterprise has by no means been stronger. But to obtain the huge scale of our mission, we can’t default to working as a heavily-layered group. We have to be a lean, hyper-focused staff the place each single particular person is empowered to make a large affect,” the CEO said.

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Robinhood’s first-quarter results showed that net revenue rose 15% from a yr earlier to $1.07 billion. The firm booked $346 million in revenue, or $0.38 per diluted share. Adjusted EBITDA gained 14% to $534 million, although working prices grew 18% to $656 million.

Despite the layoff, the fintech plans to preserve hiring top-tier expertise and lean on frontier applied sciences, citing values of being “Lean & Disciplined” and “High Performance.”

“Because our monetary place is robust, we’re making this alteration proactively. The objective is to maximize our expertise density and be certain that our tradition is outlined by an absolute elite efficiency bar and a superlative dedication to our clients. This transition creates much more alternatives for our most gifted individuals to develop and tackle better accountability,” Tenev added.

Robinhood joins a wave of 2026 layoffs amongst crypto-exposed corporations. Dune Analytics minimize 25% of staff in May. Meanwhile, Gemini reduced headcount by about 30% this yr as full-year losses reached $585 million. 

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