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\n

Robinhood is letting go of nearly a quarter of its staff, CEO Vlad Tenev said in a message posted to the company\u2019s blog<\/a>.<\/p>\n
\u201cAs part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%,\u201d Tenev wrote. \u201cWhile employees from all functions will be impacted, the changes are particularly concentrated in our operations, marketing, and program management functions.\u201d<\/p>\n
Robinhood\u2019s chief product officer Aparna Chennapragada is also stepping down from her post as part of the restructuring, according to a filing with the Securities and Exchange Commission<\/a>, though she\u2019ll \u201cremain employed in an advisory role to the CEO or his designee through January 2, 2023.\u201d Chennapragada joined the company<\/a> from Google in March 2021.<\/p>\n
\n<\/aside>\nThe announcements came as Robinhood released its Q2 2022 earnings information a day earlier than scheduled<\/a>, reporting total revenue of $318 million over the three months, which is 44 percent lower than the same period in 2021.<\/p>\n
In April, Robinhood said it planned to cut 9 percent of its full-time staff<\/a>, but \u201cthis did not go far enough,\u201d Tenev said. The company had staffed up assuming that the increased trading after things like the GameStonk phenomenon<\/a> and bullish crypto markets would carry into 2022 but has run into the headwinds of inflation and the so-called \u201ccrypto winter<\/a>\u201d that are affecting other companies. Those who are affected by the cuts will be able to stay at Robinhood through October 1st at their regular pay and benefits alongside a severance package, Tenev says.<\/p>\n
Many companies have had to lay off or cut employees in recent weeks. Tesla laid off nearly 200 Autopilot employees<\/a> while Shopify laid off 10 percent of its workforce<\/a>. <\/p>\n
Update August 2nd, 5:13PM ET:<\/strong><\/em> added the news that Robinhood\u2019s chief product officer is also stepping down.<\/em><\/p>\n<\/div>\n

<\/br><\/code><\/p>\n
Source: https:\/\/www.theverge.com\/2022\/8\/2\/23289369\/robinhood-fires-23-percent-staff-second-round-layoffs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: Robinhood is letting go of nearly a quarter of its staff, CEO Vlad Tenev said in a message posted to the company\u2019s blog. \u201cAs part of a broader company reorganization into a General Manager (GM) structure, I just announced that we are reducing our headcount by approximately 23%,\u201d Tenev wrote. \u201cWhile employees from all […]<\/p>\n","protected":false},"author":1,"featured_media":11522,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49,8],"tags":[50],"class_list":["post-11521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-technology","tag-business"],"yoast_head":"\nRobinhood is firing nearly a quarter of its staff - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/08\/03\/robinhood-is-firing-nearly-a-quarter-of-its-staff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robinhood is firing nearly a quarter of its staff - 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