India, June 17 -- Trading platform Robinhood on Tuesday announced that it will be laying off 10% of its workforce, or about 290 employees, in a bid to streamline the organization. The company's CEO Vladimir Tenev made it clear that the layoffs were not driven by company performance.

In fact, in his layoff memo, Tenev said that Robinhood is doing exceptionally well as a company.

"Robinhood's business has never been stronger," wrote Vlad Tenev while announcing plans to reduce 10% of the company's workforce, Business Insider reported.

A filing with the US Securities and Exchange Commission (SEC) on Tuesday highlighted how the layoffs at Robinhood come despite strong business growth.

The company noted that its average daily trading volume...