Robinhood Markets, a company based in Menlo Park, is reducing its full-time workforce by 7% as a result of a decline in its customer base. The company plans to implement changes based on factors such as volume and workload. In an effort to address weaknesses in its trading unit, Robinhood recently acquired financial technology firm X1 for $95 million in cash. The company aims to improve cost management and create new sources of revenue. In the latest quarter, Robinhood exceeded revenue expectations, which can be attributed to the Federal Reserve’s rapid rate hikes in the United States.