{"id":1561,"date":"2026-06-16T21:12:30","date_gmt":"2026-06-16T21:12:30","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=1561"},"modified":"2026-06-16T21:12:30","modified_gmt":"2026-06-16T21:12:30","slug":"robinhood-announces-it-will-reduce-headcount-by-10-ceo-seeks-to-avoid-heavily-layered-organization","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=1561","title":{"rendered":"Robinhood announces it will reduce headcount by 10%, CEO seeks to avoid \u2018heavily-layered\u2019 organization"},"content":{"rendered":"<div>\n<p>The filing also noted that Robinhood expects to spend about $20 million on severance and benefits, plus roughly $8 million in additional stock-based compensation costs tied to the layoffs.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1559\">Meloni quit smoking; notorious bike-hater Trump gets gifted a bike; Macron loses his watch: Hot mic moments from the G7 summit<\/a><\/p>\n<p>Robinhood shares jumped more than 2% on the news but then fell later in the day. The stock was\u00a0 trading around $95 as of mid-day Tuesday, down around 13% since the start of the year.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>The company\u2019s CEO Vladimir Tenev framed the cuts as a proactive move, saying in a memo that the company needs to simplify its structure to support its long-term ambitions.<\/p>\n<p>\u201cTo achieve the massive scale of our mission, we cannot default to operating as a heavily-layered organization. We must be a lean, hyper-focused team where every single individual is empowered to make a massive impact,\u201d he said.\u00a0<\/p>\n<p>Robinhood is far from the only crypto\u2011linked firm cutting staff at a time when the price of Bitcoin and other digital currencies has been slumping, and trading has remained sluggish compared to the crypto boom of 2024.\u00a0<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1557\">Filling up your car won\u2019t feel normal until next summer, S&amp;P says<\/a><\/p>\n<p>Last month, Coinbase, one of the largest centralized exchanges, said it had cut about 14% of its staff. In March, Crypto.com and Algorand announced layoffs as well, with Algorand reducing its workforce by about 25%. Other firms that announced staff cuts in the first quarter of the year include Block, Polygon, and Gemini.<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>Despite its layoff announcement, Robinhood is in strong financial shape. The company earned $350 million in profit in the first quarter of 2026, slightly higher than a year earlier, according to its most recent Form 10-Q filing. The company also brought in $1.07 billion in revenue, up 15% year over year.<\/p>\n<p>While crypto trading revenue has slumped, Robinhood has offset some of that weakness with growth in options trading, interest income, and newer lines like prediction markets and credit cards.\u00a0<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p>Its push into prediction markets linked to events like the World Cup has opened a fresh revenue stream and pulled in highly active traders, softening the blow from slower spot crypto volumes. Total assets on its platform rose to about $307 billion, and its customer base and premium \u201cGold\u201d subscription tier both continued to grow.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1555\">\u2018Making China the elephant in the room\u2019: The G7 confronts its reliance on U.S. AI and Chinese energy supply chains, experts say<\/a><\/p>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Robinhood is cutting hundreds of jobs even as profits rise and new products like prediction markets help bolster growth.<\/p>\n","protected":false},"author":1,"featured_media":1560,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[135],"tags":[],"class_list":["post-1561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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