Robinhood Cuts 10% of Workforce Amid Crypto Revenue Slump
Robinhood CEO Vlad Tenev announced on Tuesday a 10% workforce reduction, aiming to streamline operations as crypto-related revenue declines. The brokerage reported a 34% sequential drop in crypto transaction revenue to $134 million in Q1 2025, down from $221 million. Tenev described the cuts as proactive, emphasizing the firm's strong business position. Robinhood's stock fell 1% to $97 on the day, down about 12% year-to-date after hitting an all-time high of $153 in 2024. The layoffs are part of efforts to flatten the organizational structure and foster a lean, hyper-focused team, according to an internal message. The company expects $28 million in restructuring costs. Robinhood had approximately 2,900 full-time employees at the end of 2024. The cuts follow broader crypto industry layoffs, including Crypto.com cutting 12% of its workforce in March and Block laying off over 4,000 jobs in February. The impact on Robinhood's crypto products, such as stock tokens in Europe and Robinhood Chain, remains unclear.
Key facts
- Robinhood cuts 10% of workforce, around 290 employees, amid crypto revenue drop.
- Q1 crypto transaction revenue fell 34% sequentially to $134 million.
- CEO Tenev says cuts are proactive; business 'never been stronger'.
- Stock down 12% YTD after hitting all-time high of $153 in 2024.
- Restructuring costs expected at $28 million for severances and benefits.