Trading platform Robinhood said it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services
The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kellysaid on Monday it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services.
The Menlo Park, California-based company added that in some cases, teams could make changes based on volume, workload and other factors.Robinhood played a crucial role in the retail-trading frenzy during the pandemic but has struggled with a contracting customer base spooked by higher cost of commodities.
The news comes a week after the company announced that it was buying financial technology firm X1 Inc for about $95 million in cash as it looks for new revenue streams to counter weakness in its mainstay trading unit.announced job cuts and said that it would change its organizational structure to drive greater cost discipline.
In its most recent quarter, the company surpassed Wall Street revenue estimates, as the U.S. Federal Reserve's rapid rate hikes boosted its interest income.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Robinhood is laying off around 7% of staff, WSJ reportsStock-trading app Robinhood Markets Inc. is laying off around 7% of its full-time staff, or around 150 people, the Wall Street Journal reported on Monday....
Les mer »
Stock Market Today: Indexes struggle for direction after Russian turmoilMarketWatch Live: Modest move-up for U.S. stocks in wake of Russia mutiny
Les mer »
Suns Interested In Trading For Tobias HarrisSuns Interested In Trading For Tobias Harris - RealGM Wiretap
Les mer »
US Treasury Secretary Defends Dollar Dominance as Emerging Markets Push to De-Dollarize – Economics Bitcoin NewsU.S. Treasury Secretary Janet Yellen has defended the dominance of the U.S. dollar amid rising efforts by emerging countries to dedollarize. BRICS dedollarization
Les mer »
What's next for markets after aborted Wagner mutiny leaves Russia's Putin weakenedInvestors will be nervously sorting through the aftermath of a short-lived rebellion that's seen leaving Russian President Vladimir Putin weakened --- and...
Les mer »
Suspected Club Q shooter expected to take plea deal at Monday's arraignmentThe man accused of the mass shooting at Club Q in Colorado Springs will appear in an El Paso County courtroom Monday.
Les mer »