Robinhood announces it will reduce headcount by 10%, CEO seeks to avoid ‘heavily-layered’ organization

Robinhood announced layoffs of 290 employees, a 10% reduction in its workforce, to streamline operations and avoid a 'heavily-layered' structure. The company cited financial strength, including a $350 million Q1 profit and $1.07 billion in revenue, while other crypto-related firms like Coinbase and Algorand also reported layoffs amid a downturn in digital currency trading.