Fun

News Feed - 2023-06-27 11:06:14

Tom Mitchelhill7 hours agoRobinhood to axe 7% of full-time staff in latest round of layoffs: ReportRoughly 150 full-time employees are being laid off, according to internal company messages.3704 Total viewsListen to article 0:00NewsJoin us on social networksOnline brokerage firm Robinhood Markets will reportedly lay off roughly 150 full-time staff — 7% of its total workforce — in its third round of layoffs in just over a year. 


According to an internal company message seen by The Wall Street Journal, Robinhood Chief Financial Officer Jason Warnick reportedly wrote that the cuts were being made to “adjust to volumes and to better align team structures.”


A Robinhood spokesperson did not confirm or deny the layoffs in comments to Cointelegraph, but stated:“We’re ensuring operational excellence in how we work together on an ongoing basis. In some cases, this may mean teams make changes based on volume, workload, org design, and more.”


The reported layoffs come just five days after Robinhood acquired credit card firm X1 in a $95 million deal. Last year, Robinhood cut its total headcount by 9% in April and let go of 23% of its remaining staff in August as a decline in trading activity and subdued prices of equities and cryptocurrencies saw profit margins shrink.


The two cuts accounted for the loss of more than 1,000 staff.


Related:Robinhood will end support for 3 tokens named in SEC lawsuits


At its peak in the second quarter of 2021, Robinhood boasted 21.3 million active users and more than $565 million in revenue. Things have soured for the brokerage firm of late, with Robinhood’s Q1 2023 results showing a 44% decline in monthly active users and a 30% year-over-year decline in revenue.Transaction-based revenues since Q1 2021. Source: Robinhood


Robinhood shares are currently changing hands for $9.63, up 18% for the year despite having fallen more than 82% from its all-time-high, notched in August 2021.


Magazine: Bitcoin 2023 in Miami comes to grips with ‘shitcoins on Bitcoin’# Business# Investments# United States# Robinhood# Stock Investment# Cryptocurrency InvestmentAdd reactionAdd reactionRelated NewsWhat are fan tokens, and how do they work?Crypto enthusiasts are wrong to target Gary GenslerHow security, education and regulation can mitigate rising crypto scamsCathie Wood’s ARK loads up crypto bags, buys $19.9M Block sharesBlackRock applies for spot Bitcoin ETF — a US first if approvedBlackRock’s Bitcoin ETF ‘is the best thing to happen’ to BTC, or is it?

News Feed

British MP Calls for ‘Liberal’ Crypto Regulation — Says ‘No Country Can Stop This Revolution’
British MP Calls for "Liberal" Crypto Regulation — Says "No Country Can Stop This Revolution" British Parliament Member Matt Hancock has called for “liberal” crypto
Beetlejuice’s NFT Surpasses Top Collectibles of Tom Brady, Superman and Michael Jackson at Goldin Auctions
Beetlejuice’s NFT Surpasses Top Collectibles of Tom Brady, Superman and Michael Jackson at Goldin Auctions press release PRESS RELEASE. Celebrity NFTs have proven to be an importa
Voyager Digital Buys European Crypto Exchange Focused on Institutional Investors
Voyager Digital Buys European Crypto Exchange Focused on Institutional Investors Crypto-asset broker Voyager Digital Ltd is buying LGO Markets, a French cryptocu
Elon Musk Hears Kyiv’s Call, Activates Starlink Service in Ukraine
Elon Musk Hears Kyiv’s Call, Activates Starlink Service in Ukraine Tech entrepreneur Elon Musk has announced that the Starlink satellite internet service has been enabled for Ukr
Charles Schwab Strategist Skeptical of Crypto — Puts Faith in Banking System, Federal Reserve
Charles Schwab Strategist Skeptical of Crypto — Puts Faith in Banking System, Federal Reserve Charles Schwab’s chief investment strategist says she puts
Derek Andersen6 hours agoSafeMoon executive team charged with multiple fraud counts, arrests madeAccording to charges, the men misappropriated $200 million in investor funds to spend on a luxurious lifestyle.3385 Total v
Robert Kiyosaki Warns About Stocks, Bonds, Mutual Funds — Says Bitcoin Best for ‘Unstable Times’
Robert Kiyosaki Warns About Stocks, Bonds, Mutual Funds — Says Bitcoin Best for "Unstable Times" The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, ha
Whales Accumulate Over 150 Million XRP In Just 48 Hours – Is A Rally Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
NASA Partners With Epic Games to Create a Martian Metaverse Simulation
NASA Partners With Epic Games to Create a Martian Metaverse Simulation NASA, the U.S. space agency, has partnered with Epic Games, the company behind Fortnite, to build a challenge
Cryptocurrency Trading Surges in Malaysia as Lockdown Cripples Economy
Cryptocurrency Trading Surges in Malaysia as Lockdown Cripples EconomyCryptocurrency trading in Malaysia has surged as the country endures an extended lockdown, costing its economy
Cointelegraph Innovation Circle9 hours ago10 obstacles to cross-chain interoperability (and how they can be overcome)Cross-chain operability may only be achieved when there’s not only a way, but a will to move forward.
HODL Waves Chart Reveals Bitcoin Holders’ Firm Grip – 42% Hasn’t Moved in 2 Years
HODL Waves Chart Reveals Bitcoin Holders’ Firm Grip - 42% Hasn’t Moved in 2 Years According to a report written by Coin Metrics analyst Jacob Franek, as of March 1, 2020, rou