Retail buying and selling platform Robinhood Marketplaces Inc explained on Tuesday it is laying off about 9% of its full-time employees, sending its shares down 5% in extended trade.
The organization, which is reporting its quarterly effects later on this week, said the swift headcount progress has led to some copy roles and job features.
As of Dec. 31, the company’s whole headcount was 3,800.
Robinhood’s simple-to-use interface has built it a hit among youthful traders buying and selling from property on cryptocurrencies and “meme” shares this kind of as GameStop throughout the COVID-19 pandemic.
“We will go on to accelerate our merchandise momentum as a result of 2022 and will introduce vital new products and solutions throughout brokerage, crypto and paying/saving,” Chief Government Officer Vlad Tenev wrote in a blogpost.
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