Robinhood Cuts 10% of Employees—But Crypto Operations Weren’t Slashed?
Robinhood announced it would lay off 290 people (about 10% of its workforce), but the CEO said this is a “streamlining move from a position of strength” 📉➡️📊
Q1 data is interesting: total revenue rose 15% to $1.07 billion, but crypto trading revenue plunged 47% to $134 million. Still, Robinhood Chain has already processed 100 million transactions, and the mainnet is on the way.
Shares were up 2.5% in premarket trading—the market is buying into this “leaning out” narrative. Coinbase and Block are doing the same thing this year. It looks like crypto trading platforms are shifting from “burning money” to being more cost-conscious 💰
#HOOD #Crypto #Robinhood
$HOOD
Robinhood announced it would lay off 290 people (about 10% of its workforce), but the CEO said this is a “streamlining move from a position of strength” 📉➡️📊
Q1 data is interesting: total revenue rose 15% to $1.07 billion, but crypto trading revenue plunged 47% to $134 million. Still, Robinhood Chain has already processed 100 million transactions, and the mainnet is on the way.
Shares were up 2.5% in premarket trading—the market is buying into this “leaning out” narrative. Coinbase and Block are doing the same thing this year. It looks like crypto trading platforms are shifting from “burning money” to being more cost-conscious 💰
#HOOD #Crypto #Robinhood
$HOOD