Most of the layoffs will occur in operations, marketing, and program management. Vlad Tenev blamed inflation and a "widespread crash in cryptocurrency markets."

In a press release on Tuesday, Robinhood CEO Vlad Tenev announced that the company will reduce its headcount by approximately 23 percent.

Layoffs will be primarily in operations, marketing, and program management. Tenev blamed a broad crypto market crash on deterioration of the macro environment, with inflation at 40-year highs.

In April, Robinhood laid off 9% of its workforce. Tenev acknowledged that these types of changes are unsettling.

According to the release, Tenev said the company would flatten its organizational structure to give new general managers broad responsibilities. 

Following an all-hands meeting to discuss the move on Thursday, affected employees would receive an email and a Slack message letting them know if they had been let go or still had a job.

An increase in revenue from cryptocurrency activities and net interest led to Robinhood's total net revenue of $318 million, up from $299 million in the first quarter.

In the second quarter of 2021, revenue was still well below $565 million, which was reported in the second quarter of the previous year.

Furthermore, the report indicated a decline in the number of active users and the value of assets under custody.

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