Robinhood is firing nearly a quarter of its staff

Illustration by Alex Castro / The Verge

The company is letting go of 25% of its staff, according to the CEO.

As a result of a broader company reorganization into a General Manager structure, I just announced that we are reducing our workforce by 23%. Changes are concentrated in our operations, marketing, and program management functions.

According to a filing with the Securities and Exchange Commission, Aparna Chennapragada will remain employed in an advisory role to the CEO through January 2, 2023. Chennapragada joined the company from the internet giant.

The earnings information was released a day earlier than scheduled, and it showed that the company's revenue was 44 percent lower than it was a year ago.

The company said in April that it would cut 9 percent of its full-time staff. The company had staffed up assuming that the increased trading after things like the GameStonk phenomenon would continue into 2022, but has been hit by inflation and the so-called "Crypto winter" that are affecting other companies. The affected employees will be able to stay at the company through October 1st at their regular pay and benefits.

In the last few weeks, many companies have laid off employees. Nearly 200 employees of Autopilot were laid off by the company.

The chief product officer is stepping down.