Robinhood Markets Inc (NASDAQ:HOOD), the online investing platform, is laying off staff for the third time in close to a year as it struggles to deal with sinking trading volumes.
Around 150 workers, 7% of the total workforce, will be let go, an internal message to the company revealed.
In April and August last year, Robinhood axed more than 1,000 staff for the same reason.
A spokesperson for the financial service said: “We’re ensuring operational excellence in how we work together on an ongoing basis.
‘In some cases, this may mean teams make changes based on volume, workload, org design, and more.”
Crypto trading volumes at Robinhood dropped by 68%, down to US$2.1bln in May 2023 from US$6.6bln in the same period a year before.
Similarly, equity trading experienced a 15% fall in volumes to reach US$49.4bln.
Options trading is the only area growing, 36% more contracts were made compared to 2022 and 29% more than in April.
Shares in the company are up 0.3% on Tuesday having opened at just over US$9.60.
Since floating in the US nearly two years ago Robinhood has lost around three-quarters of its value.