Robinhood is cutting about 290 jobs, or roughly 10% of its full-time workforce, the company announced this week. CEO Vlad Tenev framed the layoff as a proactive move from a position of strength, pointing to record June trading volumes. The brokerage had about 2,900 full-time employees as of December 31.
A proactive trim
Tenev said the cuts are meant to keep the company lean and focused. He didn't point to financial distress — in fact, Robinhood just reported a strong first quarter. Net revenue rose 15% year-over-year to $1.07 billion, profit hit $346 million ($0.38 per diluted share), and adjusted EBITDA came in at $534 million. Operating costs, however, climbed 18% to $656 million.
The cost of the cuts
Robinhood expects about $20 million in severance and benefits charges from the layoffs, plus roughly $8 million in share-based compensation expenses. Both will hit second-quarter results. The company said it still plans to hire top-tier talent and invest in frontier technologies, even as it trims headcount elsewhere.
Not alone
Robinhood joins a growing list of crypto-exposed firms trimming staff in 2026. Dune Analytics cut 25% of its workforce in May, and Gemini reduced headcount by about 30% earlier this year. The timing isn't great for an industry already watching for signals about the broader economy.
The layoffs are expected to be completed in the current quarter. Robinhood hasn't specified which teams or offices will be most affected, but the company's emphasis on frontier tech — likely AI and blockchain tools — suggests where new hires will go. The market will get a clearer picture when Q2 earnings arrive later this summer.
