Common retail buying and selling platform Robinhood has fired 9% of its workforce amid a firesale of its inventory that has seen HOOD plunge to all-time lows.

Up to now 30 days alone, HOOD has tanked roughly 38% to take a seat at $9.99 on the time of writing, marking the bottom value because the preliminary public providing (IPO) launch in mid-2021.

The decline is a part of a longer-term bearish pattern that has seen the value of HOOD frequently lower since its all-time excessive of roughly $70.39 on Aug. 4 2021 in response to TradingView.

Robinhood publicly introduced its workers readjustment through an April 26 weblog publish by CEO and co-founder Vlad Tenev. He famous that after going by a “interval of hyper-growth” between 2020 and H1 2021, the agency’s headcount had elevated practically six instances, from 700 to just about 3800 workers.

Nonetheless, Tenev advised that too many job roles on the firm have since change into pointless, stating that:

“This speedy headcount development has led to some duplicate roles and job capabilities, and extra layers and complexity than are optimum. After fastidiously contemplating all these components, we decided that making these reductions to Robinhood’s workers is the fitting resolution to enhance effectivity.”

“We’ll retain and proceed to rent distinctive expertise in key roles and supply further studying and profession development alternatives for our workers,” he added.

Robinhood CEO outlines how DOGE might change into ‘foreign money of the web’

Crypto to assist drive the restoration?

Shifting ahead, Robinhood acknowledged within the announcement that it’s positioned effectively for the long run with greater than $6 billion value of money on its stability sheet, whereas additionally noting that it’s going to proceed to introduce “key new merchandise throughout Brokerage, Crypto, and Spending/Saving” in 2022.

The agency’s complete income final yr totaled $1.82 billion, up 89% in comparison with 2020, and a major a part of Robinhood’s efficiency was on account of income generated from crypto companies.

Crypto transaction income totalled $419 million in 2021 marking a whopping 1451% enhance in comparison with the yr prior. In Q2 2021 particularly, crypto accounted for 41% of Robinhood’s complete income, nevertheless it is value noting that the determine dropped all the way down to round 13% by This fall.

Robinhood doesn’t look like shedding curiosity within the sector this yr nevertheless, and has made many strikes geared in direction of increasing its crypto choices of late.

On April 19, Cointelegraph reported that Robinhood acquired British crypto-asset agency Ziglu to assist its enlargement plans into U.Ok. and European markets, one thing which Tenev highlighted will “proceed to speed up” this yr.

Earlier this month, Robinhood additionally rolled out its extremely anticipated crypto pockets to 2 million waitlisted customers, outlined plans to combine the Lighting Community, and it listed Shiba Inu (SHIB) after months of campaigning from its supporters.