TechFlow reports that on June 16, according to Reuters, U.S. online trading platform Robinhood announced it will cut approximately 10% of its full-time workforce and close the remaining few open positions. The company expects this restructuring to incur about $20 million in related costs, primarily for employee severance and benefits, plus approximately $8 million in stock-based compensation expenses. These expenses are expected to be recognized in the second quarter.
Following the announcement, Robinhood’s stock rose 1.3% in pre-market trading.
Add to Favorites
Share to Social Media
