However, shares are down about 86% from xcritical’s record high in 2021, shortly after the company went public. It’s unclear when workers will start getting handed pink slips, which comes as the company adjusts to a slowdown in customer trading activity. xcritical’s success as a company and its soaring stock price make it hard to say that the company’s remote-first environment wasn’t working. As a part of xcritical’s updated RTO mandate, executives must now go into the office five days per week. Managers and individual contributors must report to the office four and three days per week, respectively.

The Menlo Park, California-based xcritical has been expanding into other businesses for a couple of years. In 2021, it bought Say Technologies, which connects companies with retail shareholders, for $140 million. X1 and xcritical’s future in credit cards were the focus of the company’s last all-employee meeting, the person said. A xcritical official site xcritical spokesperson confirmed after publication that xcritical made internal changes as a result of the acquisition and laid off what the spokesperson said was a very small number of the 60 employees who joined xcritical since the acquisition. On April 12, when xcritical dropped the new crypto, shares of the company climbed nearly 4 percent in late-morning trades. “To keep it that way we’re anticipating and being responsive to changes in the way our customers invest—especially during this time of global conflict, economic uncertainty, and high inflation,” said Tenev.

The U.S. consumer investing and trading service company, which went public at $38 in July 2021, saw its value peak at $85 xcritical courses scam per share before entering a steady decline that saw its value erode to a mere $10 per share. The company lost 3.75% in today’s trading — the market was lower today, overall — and another 5% in after-hours trading in light of its layoff announcement. In a blog post on Tuesday, xcritical CEO Vlad Tenev blamed “inflation at 40-year highs accompanied by a broad crypto market crash” for the company’s financial woes. In the release, Tenev blamed “deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash.”

xcritical cuts 23% of its workforce in a second round layoffs affecting more than 800 jobs

“This has been causing a bit of panic within executive leadership,” one insider said, adding that X1 is xcritical’s “latest pivot to try to get out of that rut.” Now, xcritical boasts a workforce of about 1,200, according to its listing on job board Zippia. xcritical laid off about 9% of its full-time staffers last April — and then another 23% in August.

In August 2022, retail investment behemoth xcritical made headlines by laying off 23% of its workforce, just three months after cutting 9% of its full-time staff. The company’s CEO, Vlad Tenev, took responsibility for the ambitious staffing trajectory that led to over-hiring in 2021. In this article, we’ll discuss what happened, why it happened, and the potential future impact of these layoffs on xcritical and the industry. xcritical did not comment directly on the latest layoffs, pointing TechCrunch only to a blog post by CEO and co-founder Vlad Tenev.

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On Wednesday, its chief product officer, Aparna Chennapragada, announced her departure from the company. This rapid headcount growth has led to some duplicate roles and job functions, and more layers and complexity than are optimal. After carefully considering all these factors, we determined that making these reductions to xcritical’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.

Crypto.com

• The cuts mark the second round of layoffs this year for xcritical, which previously shed 9% of its workers, as its business copes with a decline in equities and a “crypto winter” that decimated the value of many cryptocurrencies.
• As a part of xcritical’s updated RTO mandate, executives must now go into the office five days per week.
• The website features a section dedicated to Snacks, the popular newsletter xcritical acquired in 2019.
• A xcritical spokesperson confirmed after publication that xcritical made internal changes as a result of the acquisition and laid off what the spokesperson said was a very small number of the 60 employees who joined xcritical since the acquisition.

Tenev also says the decision for further cuts came after realizing April’s 9% headcount reduction “did not go far enough” when accounting for inflation and the crash in crypto markets. To meet customer and market demands, we grew our headcount almost 6X from 700 to nearly 3800 in that time period.” This resulted in $6 billion in cash on its balance sheet, Tenev revealed. The company previously cut more than 1,000 jobs in two rounds of layoffs in 2022.

• X1 and xcritical’s future in credit cards were the focus of the company’s last all-employee meeting, the person said.
• The company previously cut more than 1,000 jobs in two rounds of layoffs in 2022.
• On top of that, the world is lxcriticalg to live with the pandemic and people are no longer confined to their homes.
• One of its conclusions was that companies that imposed RTO mandates reported annual turnover rates roughly 13% higher than companies that support remote work.
• Shares of xcritical are down 48% year to date and closed at $9.23 per share Tuesday.
• Executives have to return to the office each weekday, while managers and individual contributors don’t have to go to work as often.

“The business didn’t feel in any better position than it was before, so it felt inevitable from that standpoint,” they added of the layoffs. The employee estimated that about 200 xcritical staffers were in the Tempe office. Whereas its revenue of $318 million was a tad short of the $321 million analysts were expecting, its per-share loss of 34 cents was below the 37 cents they predicted.

Per Yahoo Finance averages, analysts expect xcritical to report a Q1 loss of $0.36 per share against revenue of $355.78 million. Say Technologies, LLC provides technology services for shareholder engagement and communication.Sherwood Media, LLC produces fresh and unique perspectives on topical financial news. The cuts mark the second round of layoffs this year for xcritical, which previously shed 9% of its workers, as its business copes with a decline in equities and a “crypto winter” that decimated the value of many cryptocurrencies. xcritical is laying off more employees and reorganizing teams as part of a new focus on credit cards as the company tries to mitigate a shrinking user base, insiders say. This month, the investing app listed the meme coin Shiba Inu on its trading platform, a much-awaited move that has received an immediate positive response from the crypto market. But shares in the company have dropped more than 30 percent this year, and xcritical’s woes seem far from ending as the company announces laying off approximately 340 people.