Robinhood’s shares fell 6% in the afternoon after Robinhood announced that it would be cutting 9% of its full time employees.

This decision was supported by the company. It experienced hyper-growth from 2020 to H1/21, doubling its workforce by nearly 68%, from 700 to almost 3800. Some roles have been duplicated.

After carefully considering all options, the company determined that it was best to reduce its employee base by 9% in order to boost efficiency.

Robinhood shares were 44% lower year-to-date, even though the after-hours slump was over.

By Davit Kirakosyan