One day before earnings -- due out today, after close of trading -- digital broker Robinhood Markets (HOOD) announced plans to lay off 9% of its full time workers. Investors naturally wondered whether this was a preemptive response to the numbers Robinhood was preparing to announce this evening -- and sold off the stock by nearly 5%. That's a reasonable concern. Robinhood didn't seem to think this was a discretionary cut, after all. In his blog post announcing the layoffs, CEO Vlad Tenev called the move "difficult" but "necessary" as Robinhood exits a period of pandemic-fueled "hypergrowth.
https://www.tipranks.com/news/article/robinhood-fired-1-in-11-employees-and-thats-a-bad-sign-for-investors?utm_source=advfn.com&utm_medium=referral
Robinhood Markets (NASDAQ:HOOD)
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