🔴 Robinhood Markets Inc is trading 3% down today after announcing a 10% workforce reduction and $28M in restructuring charges

Robinhood Markets Inc is trading 3% down at $95.20 after announcing plans to cut approximately 10% of its full-time workforce.

• The company expects to incur roughly $28 million in restructuring charges associated with the headcount reduction.
• Shares initially rose in premarket trading but reversed gains as investors weighed potential cost savings against restructuring expenses and broader market volatility.
• The downward move coincides with a general risk-off sentiment impacting both the equity and cryptocurrency markets.