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Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will reduce its headcount by approximately 23%. The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.” Robinhood had previously laid off 9% of its workforce in April. “I want to acknowledge how unsettling these types of changes are,” Tenev said. In the release, Tenev said the company would flatten its organizational structure to give new general managers broad responsibility for its businesses. He also said that affected employees would receive an email and a Slack message letting them know if they were being let go or still had a job, immediately after an all-hands meeting to discuss the move on Thursday. The company also dropped its earnings report for the second quarter, one day earlier than expected. Here’s how it did. Revenue:  $318 milli...

In this article OXY COP FANG HAL DVN APA MRO SWK FLR IDCC LOGC FRPT BOX WFC MYOV LTHM VSAT RBLX PTON TSLA CS CSG.N-CH Follow your favorite stocks CREATE FREE ACCOUNT A Tesla electric vehicle at a supercharger station in Hawthorne, California, on Aug. 9, 2022. Patrick T. Fallon | AFP | Getty Images Check out the companies making the biggest moves midday Monday: Credit Suisse — Shares of Credit Suisse rose 1.7%, reversing an earlier slump that sent the stock to a record low, after the bank over the weekend made a series of calls to calm investor fears about its financial health. In addition, the cost to insure the bank's debt against default jumped to a new high. Tesla — Tesla shares dropped 8.2% after the electric vehicle maker said it delivered 343,000 vehicles in the third quarter, less than analysts expected. However, Wall Street analysts were divided over the report. Peloton — Peloton shares rose more than 6% after the exercise-equipment company announced it will put bikes in a...

Robinhood CEO Vlad Tenev said Tuesday in a press release that the company will reduce its headcount by approximately 23%. The layoffs will be primarily in operations, marketing and program management. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.” Robinhood had previously laid off 9% of its workforce in April. “I want to acknowledge how unsettling these types of changes are,” Tenev said. In the release, Tenev said the company would flatten its organizational structure to give new general managers broad responsibility for its businesses. He also said that affected employees would receive an email and a Slack message letting them know if they were being let go or still had a job, immediately after an all-hands meeting to discuss the move on Thursday. The company also dropped its earnings report for the second quarter, one day earlier than expected. Here’s how it did. Revenue:  $318 milli...