Robinhood’s note on 10% layoffs shows blaming AI isn’t cutting it

Robinhood itself reported a 15% improvement in first-quarter revenue in April, and the company said its second quarter is looking better thanks to rising prediction market fees, subscription revenue, and strong equity and option trading volumes as markets stabilize.

The company said on Tuesday it is also closing “a small number” of open roles, and that it would incur about $28 million in costs related to the cuts.