Share to Twitter Share to Linkedin Topline Robinhood CEO Vlad Tenev announced Tuesday that the financial services company would lay off about 9% of its full-time employees in the wake of a drop in active users following torrid growth early in the pandemic, sending Robinhood stock plunging nearly 72% in six months. Key Facts The layoffs come ahead of the company's first-quarter earnings report Thursday after the closing bell. From 2019 to 2021, spurred by modest interest rates, government stimulus and by pandemic restrictions that boosted app usage, Robinhood grew its employee headcount from 700 to nearly 3,800, Tenev said in a message to employees. However, this burgeoning headcount created redundant employee roles and introduced an unnecessary level of complexity, prompting the current layoffs, Tenev said. Robinhood stock—which had already fallen by 3.75% to $10 per share by the close of regular trading Tuesday— fell by 4.8% to $9.52 in after-hours trading shortly after the layoffs were announced. Tenev said the company would individually contact laid-off employees to discuss "next steps," and would offer support in the form of separation packages and help with job searching. Key Background Robinhood, which offers commission-free stock and crypto trades via a mobile app,… Read full this story
- Pernod Ricard starts laying off employees in India rejig
- 10 Ways Companies Are Cutting Jobs Without Firing Employees
- Inspired Leadership - Helping Employees Bounce Back in Tough Times
- Scheduling Employees Made Easy
- Balancing Life and a Part Time Business
- Marc Benioff says it's time to break up Facebook
- How to Keep Your Chickens Laying
- What Are the Best Laying Hens?
- A Different Perspective Towards Your Employees
- Human Resource Challenge - Vindictive and Violent Former Fired Employees
Robinhood Lays Off 9% Of Full-Time Employees After Decline In Users have 267 words, post on www.forbes.com at April 26, 2022. This is cached page on Vietnam Dance. If you want remove this page, please contact us.