Stock-trading app Robinhood Markets Inc.
HOOD,
is laying off around 7% of its full-time staff, or around 150 people, the Wall Street Journal reported on Monday. Chief Financial Officer Jason Warnick, in a message seen by the Journal, said the cuts were intended to “adjust to volumes and to better align team structures.” The Journal noted that the round of cuts was Robinhood’s third in roughly a year, as trading activity on the platform cools. Reached for comment, a Robinhood spokesperson said: “We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.” Shares were up 1.2% after hours.
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