Robinhood cutting workforce by 23%

FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly

(Reuters) -Retail trading platform Robinhood Markets Inc said on Tuesday it is laying off about 23% of its employees, sending its shares down more than 3% in extended trading.

The company is also changing its organizational structure to "drive greater cost discipline," Robinhood Chief Executive Officer Vlad Tenev said in a blog post https://blog.robinhood.com.