Robinhood cuts 10% of staff as crypto trading revenue slumps

U.S.‑based stock‑trading platform Robinhood announced a restructuring that will eliminate roughly 10% of its workforce, about 290 employees. CEO Vlad Tenev said the move aims to create a leaner, more agile organization and accelerate decision‑making, while still offering severance and transition support to those affected.

The layoffs follow a sharp decline in crypto‑trading revenue, which fell 34% in the latest quarter to $134 million from $221 million. The company cited the need to align its cost base with reduced trading volumes and to focus on strategic hiring in key areas. The restructuring is expected to cost around $28 million in severance and related expenses.