Shares of Robinhood (NASDAQ: HOOD) were down more than 5% during the extended trading session on April 26, after the American financial services and brokerage company revealed that it plans to execute a 9% cut in full-time jobs. This comes as a sharp contrast to the significant headcount expansion made by the company over the past two years. Details In a blog post, Robinhood CEO, Vlad Tenev, said that the company expanded its headcount almost six times, from 700 to nearly 3,800 during the pandemic years of 2020 and the first half of 2021. The expansion was meant to meet robust demand triggered by lockdowns, low-interest rates, and government stimulus.
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