Illustration: Sarah Grillo/Axios
Trading app Robinhood on Tuesday announced that it is laying off around 23% of its workforce, just months after cutting 9%.
The big picture: Robinhood rose during the bull market for stocks, and then soared even higher alongside cryptocurrencies. The layoffs reflect the company's lower trading volumes and revenue, as both markets have retreated.
By the numbers: The new layoffs would appear to impact just over 750 people, putting the total 2022 cuts north of 1,000.
What they're saying: Robinhood co-founder and CEO Vlad Tenev wrote on the company's blog: "Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the COVID era would persist into 2022. In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took responsibility for our ambitious staffing trajectory – this is on me."