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Robinhood Markets announced they would fire 9 percent of its full-time employees to reduce the number of “duplicate” jobs at the retail brokerage firm.

Just two days before the announcement of the first quarter results, CEO Vlad Tenev announced the layoffs, saying that the company’s “period of hypergrowth” in 2020 and the first half of 2021 has resulted in its number of employees rising from 700 to almost 3,800 in that period.

During this phase, Robinhood increased its net funded accounts to DKK 22 million. from 5 million.

“This rapid growth in the number of employees has led to some dual roles and job functions and more layers and complexity than is optimal,” Tenev wrote in a blog post Tuesday afternoon.

Robinhood had 3,800 full-time employees per. December 31, 2021 according to its latest 10-K application to the Securities and Exchange Commission.

Tenev said the decision to lay off about 340 workers “was not easy” but was a “conscious step” to ensure the company improved its efficiency and is responsive to changing customer needs.

Robinhood will introduce new products this year across its brokerage, crypto and consumption and savings categories, Tenev said.

Last week, Robinhood agreed to buy the British crypto company Ziglu as part of an attempt to expand beyond stock trading and make another attempt to crack the UK market.

Robinhood reports earnings after the closing bell on Thursday, nearly nine months ago floating on the Nasdaq. Analysts expect a net loss of $ 310.6mn on revenue of nearly $ 356mn, according to a Refinitive poll. The company said in February that it expected first-quarter revenue to be less than $ 340 million.

Shares that closed at a record low of $ 10 on Tuesday fell a further 5.5 percent. in the aftermarket.

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