Robinhood Plans to Cut 10% of Staff, Expects Restructuring Costs of Approximately $28 Million

Odaily Odaily reported that according to Reuters, U.S. online trading platform Robinhood has announced plans to cut roughly 10% of its full-time employees and close the remaining few open job positions. The company expects the restructuring to incur approximately $20 million in costs, primarily for employee severance and benefits, along with an estimated $8 million in stock-based compensation expenses. These costs are expected to be recognized in the second quarter.

Following the announcement, Robinhood's shares rose 1.3% in pre-market trading.