Robinhood announced it will lay off approximately 10% of its full-time workforce to cut costs.

CoinFeed reported on June 16 that, according to Reuters, online marketplace Robinhood (NASDAQ: HOOD) announced it will lay off approximately 10% of its full-time workforce and close the few remaining open positions. The company expects the layoffs to result in approximately $20 million in restructuring costs in the second quarter, primarily for employee severance and benefits, plus approximately $8 million in stock-based compensation-related costs.