Robinhood announced the layoff of 10% of its workforce, a measure that CEO and co-founder Vlad Tenev communicated internally before the company shared it ahead of market open. The decision seeks to flatten the organizational structure and sustain what Tenev described as an “agile and extremely focused” team. “We cannot operate as an organization with too many layers,” the executive stated in the internal message.
The cuts come after the firm reported in April its lowest quarterly earnings in a year. During that period, cryptocurrency transaction revenue fell 34% sequentially, dropping from $221 million to $134 million, reflecting the impact of a crypto market with reduced activity among retail traders. Despite the context, Tenev insisted that “Robinhood’s business has never been stronger.”
Our CEO Vlad Tenev shared the following note with our team at Robinhood today:
Robinhoodies,
We’ve made the difficult decision to say goodbye to some of our team members today. Those departing are being notified, and we’re offering them full support through this transition,…
— Robinhood Comms (@RobinhoodComms) June 16, 2026
The company, which had roughly 2,900 full-time employees at the end of 2025, expects to incur $28 million in restructuring costs covering severance, benefits and equity compensation. Its shares fell 1% to $97, after having reached an all-time high of $153 last year. It remains unclear how the layoffs will affect the development of crypto products such as Robinhood Chain, its L2 network built on Arbitrum.
Source:Â https://x.com/RobinhoodComms/status/2066828553199464933
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