(Bloomberg) -- Robinhood Markets Inc. is cutting 9% of its full-time staff, after the brokerage’s “hyper growth” cooled.  

The firm went through a period of rapid hiring as it expanded in 2020 and the first half of 2021, leading to “some duplicate roles and job functions, and more layers and complexity than are optimal,” Chief Executive Officer Vlad Tenev said Tuesday in a statement.

Shares of the Menlo Park, California-based company tumbled 74% since its July initial public offering.

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