FILE PHOTO: The logo of Robinhood Markets Inc is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -The chief executive of Robinhood Markets Inc on Wednesday dismissed the idea that the company might be acquired after it announced job cuts as it tries to reduce costs and reverse a decline in trading on its platform.
Robinhood shares closed up nearly 12% on Wednesday, following a smaller-than-expected quarterly loss and the announcement that it was laying off 23% of its staff.
