Retail trading platform Robinhood Markets will be laying off about 9 percent of its full-time employees.
Robinhood, which is reporting its quarterly results later this week, said the rapid headcount growth has led to some duplicate roles and job functions.
As of Dec. 31, Robinhood’s total headcount was 3,800.
Robinhood’s interface has made it a hit among young investors trading from home on cryptocurrencies and stocks during the COVID-19 pandemic.
“We will accelerate our product momentum and will introduce key products across brokerage, crypto and spending/saving,” Robinhood CEO Vlad Tenev wrote in a blog post.