Sat, Jul 9th, 2022 - 8:00am
August 03, 2022 - 8:16am | By Kyle Cornell
(Menlo Park, CA) -- Robinhood in laying off workers.
The financial services company announced Tuesday that its workforce would be reduced by approximately 23-percent. The move is blamed on a number of factors, including inflation and what Robinhood called "a broad crypto market crash."
The news comes as the company released its second quarter earnings report a day ahead of schedule. Revenue was reported at 318 million, versus the 321 million estimated.
While that was up from the first quarter, it marked a sharp drop from the 565 million reported in the second quarter of 2021.
