Robinhood sheds 'layers' by laying off almost 9% of 3,800 staff as it seeks to also minimize burn rate of the $6 billion sitting on its balance sheet

It is harder than it looks. A unique user interface is a good start. Unfortunately most option investors loose money. The next phase of growth will not be as sexy. It will hopefully last.

Browsing through today's earnings release it's easy to see that Robinhood is badly sputtering. They've done some great things (zero commissions, opening crypto to retail investors, and a great app), and hopefully can pull out of this freefall. They need to rethink their positioning and how they wish to compete in order to do so however. Average account size of a bit north of $4k isn't helping them.