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HomeSports NewsRobinhood posts 44% droop in income, additional slashes headcount by 23%

Robinhood posts 44% droop in income, additional slashes headcount by 23%




Robinhood Markets Inc mentioned on Tuesday it was slashing 23 % of its employees because it posted a 44-percent decline in income on slumping buying and selling exercise, in an earnings announcement that got here a day sooner than scheduled and beat analyst expectations.

The Menlo Park, California-based brokerage posted web income for the second quarter ended June 30 of $318 million as income from fairness, choices and crypto buying and selling greater than halved, in contrast with $565 million a yr earlier, in accordance with a submitting with the U.S. Securities and Change Fee.

The corporate mentioned it will start one other spherical of layoffs affecting 780 workers, on prime of the 9 % of full-time employees laid off…

Carry on studying: Robinhood posts 44% droop in income, additional slashes headcount by 23%

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