Robinhood said on June 16 that it would cut about 10% of its full-time workforce, or about 290 roles, as the Menlo Park, California-based trading platform sought to reduce management layers and work more efficiently.

The company said it expects about US$28 million in second-quarter restructuring charges and will close some open roles.

It had about 2,900 full-time employees as of December 31. Robinhood shares were down 2.5% in afternoon trading after the announcement.

The move follows the first quarter of 2026, when adjusted earnings of US$0.38 per share and US$1.07 billion in revenue missed estimates.

Crypto transaction revenue fell 47% to US$134 million, while operating expenses rose 18% to US$656 million.

Robinhood has expanded beyond trading into event contracts, advisory tools, and Gold subscriptions.

The company also cut 7% of staff in June 2023 after two layoff rounds in 2022 that together affected more than 1,000 employees.

🔗 Source: Reuters

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