Robinhood lays off another 7% of full-time employees

Silicon Valley-based online trading app Robinhood (NASDAQ:HOOD) has laid off another 7 per cent of its full-time workforce. About 150 employees are being laid off in a fresh job cut round, according to an internal company message, reports The Wall Street Journal. It is the company’s third round of layoffs in just over a year as it adjusts to a slowdown in customer trading activity. The fresh job cuts were implemented to adapt to trading volumes and improve team structures, according to an internal memo by company’s CFO Jason Warnick. In March, Robinhood sacked 23 per cent of its workforce, just three months after the fintech platform reduced its headcount by 9 per cent amid the global economic turmoil.