Topline
Robinhood on Tuesday announced it would cut 10% of its full-time workforce, citing efforts to make the trading platform “lean and disciplined,” as more companies have reduced headcount in recent months amid a broader integration of AI.
The company said it expects restructuring charges of about $20 million.
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Key Facts
Robinhood, in a disclosure to the Securities and Exchange Commission, announced it would reduce its full-time workforce by 10%, or about 290 employees, “as part of its efforts to maintain a high-performance culture, further accelerate product velocity and remain lean and disciplined.”
Robinhood said it expected to incur restructuring costs of about $20 million for employee severance and benefit costs, in addition to roughly $8 million in share-based compensation expenses.
Shares of Robinhood rose slightly (0.9%) in premarket trading following the announcement.
This is a developing story.