The retail trading platform Robinhood Markets Inc., which went through a hyper-growth period boosted by the meme stock frenzy during the COVID-19 pandemic, is experiencing a pullback.
The company is laying off about 9% of its full-time employees.
The company’s total headcount was 3,800 at the end of 2021.
Robinhood CEO Vlad Tenev made the announcement in a blog post following a company meeting.
ROBINHOOD CEO DOESN’T PLAN TO PUT ‘MEANINGFUL AMOUNT’ OF CASH INTO CRYPTO ASSETS
“This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal,” said Teney. “After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.”
Robinhood’s growth was helped by young investors trading from home on cryptocurrencies and stocks such as GameStop Corp. and AMC Inc. during the COVID-19 pandemic.
The company announced plans in March to extend trading hours for customers an extra six-and-a-half hours of trading daily.
ROBINHOOD STOCK SOARS ON TRADING HOURS EXTENSION
“We will continue to accelerate our product momentum through 2022 and will introduce key new products across brokerage, crypto and spending/saving,” said Tenev.
The company’s revenue rose 14% in the fourth quarter from a year ago, less than half its growth rate in the summer months.
Robinhood also warned that revenue in the current quarter could sag sharply from a year earlier.
OVERVIEW
OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!
OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.
The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.
OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.
The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….
The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.
The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.
Download App Now – https://r.onmyway.com
Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com.
OnMyWay is the Only Texting and Driving Solution That Pays
Trusted and 
By Millions of OnMyWay Mobile App Users