Robinhood slashes 23% of its workforce amid trading slump
CBSN
Popular trading app Robinhood on Tuesday said it is cutting 780 employees, or about 23% of its full-time staff, amid a slump in transactions and ongoing losses.
Robinhood said its transaction-based revenue — money it earns when customers trade stocks, options or cryptocurrencies — plunged from a year earlier, when many retail investors piled into on "meme stocks" and asset values were high. Revenue from transactions at the company more than halved to $202 million in the quarter ended June 30, compared with $451 million a year earlier.
Robinhood's stock has shed about 50% of its value so far this year; it fell 2.3% after markets closed Tuesday to $9.92.
For U.S. consumers, soaring oil prices due to the Iran war don't just mean pain at the pump — the impact is also likely to be felt by shoppers both in stores and online. In:
A second Marine Expeditionary Unit of about 2,200 Marines and three warships is headed toward the Middle East, as the war with Iran continues. In:
We may receive an affiliate commission from anything you buy from this article. In:
Police in Barcelona, Spain, said the death of James "Jimmy" Gracey, a University of Alabama student from Illinois who went missing on vacation, was likely an accident. In:
A 31-year-old Georgia woman has been charged with murder by police who say she took pills to induce an abortion in violation of a state law that bans it after the earliest weeks of pregnancy. In:
The Justice Department says it has shuttered four websites that were allegedly used by Iranian government-linked groups to post hacked information and threaten regime critics.
A federal arts commission on Thursday approved the final design for a 24-karat gold commemorative coin bearing President Trump's image to help celebrate America's 250th birthday on July 4. In:
The Federal Communication Commission announced Thursday evening that it had approved the $6.2 billion merger of major broadcast station owners Nexstar and Tegna. The move came on the same day that attorneys general in eight states and DirecTV filed separate lawsuits seeking to block the deal, arguing that it will lead to higher prices for consumers and stifle local journalism. In:
Requiring photo ID to vote and proving citizenship to register both find wide and often bipartisan support. In:
Mortgage rates in the U.S. jumped this week to the highest level in three months, as the Iran war fans inflation fears and puts pressure on the U.S. housing market. Edited by Alain Sherter In:
Soaring energy prices due to the Iran war could provide a massive windfall for U.S. oil companies. Edited by Alain Sherter In:
Washington — Former FBI Director James Comey has been subpoenaed by federal prosecutors in Miami as part of the Justice Department's investigation into Obama-era intelligence officials, two sources familiar with the investigation tell CBS News.
Washington — A group of senators met with border czar Tom Homan on Thursday as negotiators continue to seek an agreement to reform Immigration and Customs Enforcement and end the shutdown of the Department of Homeland Security. Nikole Killion, Alan He and Caitlin Huey-Burns contributed to this report.