Robinhood is letting go of almost 1 / 4 of its employees, CEO Vlad Tenev stated in a message posted to the corporate’s weblog.

“As a part of a broader firm reorganization right into a Basic Supervisor (GM) construction, I simply introduced that we’re lowering our headcount by roughly 23%,” Tenev wrote. “Whereas workers from all features will probably be impacted, the modifications are notably concentrated in our operations, advertising, and program administration features.”

The announcement got here as Robinhood launched its Q2 2022 earnings data a day sooner than scheduled, reporting complete income of $318 million over the three months, which is 44 % decrease than the identical interval in 2021.

In April, Robinhood stated it deliberate to chop 9 % of its full-time employees, however “this didn’t go far sufficient,” Tenev stated. The corporate had staffed up assuming that the elevated buying and selling after issues just like the GameStonk phenomenon and bullish crypto markets would carry into 2022 however has run into the headwinds of inflation and the so-called “crypto winter” which might be affecting different corporations. Those that are affected by the cuts will have the ability to keep at Robinhood via October 1st at their common pay and advantages alongside a severance bundle, Tenev says.

Many corporations have needed to lay off or lower workers in latest weeks. Tesla laid off almost 200 Autopilot workers whereas Shopify laid off 10 % of its workforce.

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