(Reuters). – Online retail trading platform Robinhood Markets Inc (NASDAQ.) stated Tuesday that about 9% of full-time employees will be laid off, sending the shares down 5%.

According to the company’s quarterly report, it will be reporting its results this week.

At December 31st, the total number of employees in the company was 3,800.

Robinhood is loved by young investors for its easy-to use interface. They trade from home with cryptocurrencies and stocks, such as Bitcoins. GameStop Corp (NYSE: ) during the COVID-19 pandemic.

Vlad Tenev, Chief Executive Officer of the company wrote in a blog post that “We will continue to increase our product momentum through 2022” and would introduce key products across brokerage and crypto as well as spending/saving. (https://