Stock trading app Robinhood has laid off another seven percent of its workforce, approximately 150 employees, according to the Wall Street Journal.
With trading volumes declining, the company implemented these cuts to “better align team structures,” as stated in an internal message from CFO Jason Warnick. Those impacted work in various departments, including customer experience and platform shared services, customer trust and safety, as well as safety and productivity.
This marks the third round of layoffs for Robinhood in just over a year. The company previously laid off nine percent of its workforce last April and another 23% in August, citing challenging macroeconomic conditions and a downturn in the cryptocurrency market. In total, around a thousand employees have been let go.
Last week, Robinhood announced it would acquire credit card startup X1 for approximately $95 million in cash.