Robinhood Markets, the popular online brokerage firm, is reportedly planning to lay off about 7% of its workforce, approximately 150 full-time employees. This is the third round of job cuts the company has made in just over a year, as it adjusts to fluctuating market conditions. The layoffs are said to be part of a plan to align team structures and adjust to volumes. The company has not confirmed or denied the layoffs but has emphasized its commitment to operational excellence. These job cuts come after Robinhood’s recent acquisition of credit card company X1 for $95 million. The company has already undergone two significant rounds of layoffs in 2022 due to decreasing trading activity and profit margins. Robinhood’s user base and revenue have also declined, with a 44% decrease in monthly active users and a 30% decrease in revenue in Q1 2023. Despite these challenges, Robinhood shares have seen a modest increase this year. The layoffs highlight the need for companies in the financial technology sector to adapt to a changing market environment.
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