Robinhood cuts 23% of its workforce as fewer users trade

NEW YORK (AP) — Robinhood Markets is cutting about 23% of its workforce because fewer users are trading on its app amid the tumult hammering stock and cryptocurrency markets. The layoffs follow another round of cuts announced earlier this year, which culled 9% of its workforce. Robinhood made the announcement as it said its number of average monthly users fell in June. It also reported a net loss of $295 million for its latest quarter, though its revenue came in better than analysts expected.