Robinhood cuts 10% of staff amid crypto revenue drop

Robinhood is cutting 10% of its workforce, or 290 jobs, after a sharp drop in crypto trading revenue. The company calls the move proactive and aims to boost efficiency while remaining financially strong.

Robinhood has announced plans to reduce its full-time workforce by approximately 10%, impacting around 290 employees. This move is part of a broader restructuring effort aimed at streamlining operations and increasing efficiency. Leadership emphasized the importance of maintaining a lean, high-performing team to improve operational speed and flatten the organizational structure. The decision comes after a notable decline in cryptocurrency trading revenue. In Q1 2026, Robinhood reported a 34% sequential drop in crypto trading revenue, falling to $134 million. Despite these challenges, the company maintains that it remains financially robust and views the restructuring as a proactive measure. Robinhood expects to incur about $28 million in charges related to severance and transition benefits. The company also stated it will continue strategic hiring and invest in advanced technologies to support future growth.