:Trading platform Robinhood Markets said on Monday it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services.The Menlo Park, California-based company added that in some cases, teams could make changes based on volume, workload and other factors.Earlier
:Trading platform Robinhood Markets said on Monday it was cutting some of its full-time jobs, as it looks to offset costs amid slowing demand for its services.
The Menlo Park, California-based company added that in some cases, teams could make changes based on volume, workload and other factors.Robinhood played a crucial role in the retail-trading frenzy during the pandemic but has struggled with a contracting customer base spooked by higher cost of commodities.
The news comes a week after the company announced that it was buying financial technology firm X1 Inc for about $95 million in cash as it looks for new revenue streams to counter weakness in its mainstay trading unit. Robinhood last year said announced job cuts and said that it would change its organizational structure to drive greater cost discipline.
In its most recent quarter, the company surpassed Wall Street revenue estimates, as the U.S. Federal Reserve's rapid rate hikes boosted its interest income.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IBM to acquire software firm Apptio for $4.6 billion:IBM said on Monday it will acquire cloud software company Apptio from Vista Equity Partners for $4.6 billion in cash, in the latest deal to bolster its capabilities in cloud and automation.Share of IBM were down less than 1 per cent in premarket trading. IBM said it will finance the deal with cash on hand an
Read more »
IBM to acquire software firm Apptio for US$4.6 billionIBM said on Monday (Jun 26) it will acquire cloud software company Apptio from Vista Equity Partners for US$4.6 billion in cash, in the latest deal to bolster its capabilities in cloud and automation. Share of IBM were down less than 1 per cent in premarket trading. IBM said it will finance the deal with c
Read more »
Banks raised questions in 2020 about FTX-affiliated hedge fund's wire activity, FTX saysCertain banks working with FTX founder Sam Bankman-Fried's trading firm Alameda Research raised questions about the firm's wire activity as early as 2020, according to a report released by FTX on Monday. Some banks began rejecting wires to or from Alameda the same year that the cryptocurrency exchange scra
Read more »
Oil climbs after short-lived Russian mutiny, currencies steadySINGAPORE : Oil nudged higher in early trade on Monday as an abortive weekend mutiny by Russian mercenaries raised questions about crude supply, though other financial markets started steadily with investors unsure of any further immediate implications.Brent crude futures rose 1.3 per cent to $74.78 a bar
Read more »
Oil climbs after short-lived Russian mutiny, currencies steadySINGAPORE : Oil nudged higher in early trade on Monday as an abortive weekend mutiny by Russian mercenaries raised questions about crude supply, though other financial markets started steadily with investors unsure of any further immediate implications.Brent crude futures rose 1.3 per cent to $74.78 a bar
Read more »
Japan's Mitsubishi UFJ to buy Indonesia auto loan firm Mandala for $467 millionTOKYO : Mitsubishi UFJ Financial Group said on Monday it would buy Mandala Multifinance, a major auto loan provider in Indonesia, for 7 trillion rupiah ($467 million) to deepen its Asian presence and tap growth in consumption in emerging markets.MUFG's main Japanese banking unit MUFG Bank will take 70.6 p
Read more »