US neobroker Robinhood Markets Inc (NASDAQ:HOOD) announced on Tuesday a workforce reduction, as part of its efforts to maintain a high performance culture, further accelerate product velocity, and remain what the company termed “lean and disciplined.”

Robinhood said it is taking this action from a position of business strength, including June month-to-date average daily trading volumes at record levels across equities, options, and prediction markets. However Robinhood is coming off a fairly weak quarter, as Revenues fell by 17% to $1.07 billion in Q1 2026, while Crypto trading revenues were down by 39% from the previous quarter, at just $134 million.

This reduction in workforce involves approximately 10% of Robinhood’s full-time employees, and additionally involves the closure of a small number of open roles across the company. Robinhood didn’t specify the exact number of layoffs planned. In its latest 10K filing, Robinhood reported having approximately 2,900 full-time employees as of December 31, 2025, which would mean close to 300 layoffs are planned.

Robinhood estimates that it will incur cash restructuring and related charges comprising approximately $20 million related to employee severance and benefits costs, as well as approximately $8 million related to share-based compensation. The company expects to recognize the accrual for these charges in the second quarter of 2026.

Robinhood added that if it subsequently determines that it will incur additional material restructuring costs or charges, or if there are material differences from the amounts provided above, the company will file an amendment to disclose any such material costs, charges, or differences.