Robinhood posts 44% slump in revenue, slashes headcount by 23%

The GameStop Corp. logo on a smartphone and the Robinhood website on a laptop computer arranged in Hastings-On-Hudson, New York, U.S. Photographer: Tiffany Hagler-Geard/Bloomberg

NEW YORK: Robinhood Markets Inc announced on Tuesday that it was slashing 23% of its staff as it posted a 44% decline in revenues on slumping trading activity, in a surprise earnings announcement that came one day earlier than scheduled.

The company said it will also undergo an internal restructuring, which will see general managers assume responsibility for individual businesses. That reorganization will cost the firm between $30 to $40 million, Robinhood disclosed in a filing.