6/13/2023 0 Comments Linkedin stock on robinhood![]() ![]() The company plans to launch brokerage services in the U.K. ![]() Net interest revenue increased 25% sequentially to $208 million, according to the first quarter earnings report. The company posted $441 million in revenue and negative $0.57 in earnings per share for the first quarter this year. Tangent: News of the 24-hour trading service’s launch coincided with the release of Robinhood’s 2023 first quarter earnings. Some users also criticized Robinhood for halting trading in some meme stocks like GameStop in early 2021, which the company blamed on volatility. But Robinhood has drawn criticism for its approach, with allegations it gamifies investing and allows users to trade options that they may not understand. The company gained popularity in the midst of 2021’s retail trading frenzy. In those cases a transition to managing an engineering team is much easier.Key Background: Geared toward younger investors with a simple user interface, Robinhood’s move to expand trading hours could draw retail traders to its app. In some organizations, such as Google and Microsoft, TPMs can be *very* technical, with skills similar to a software engineer. Although some team members had lingering doubts, these transitions were overall very successful. ![]() In their process of learning, they asked a lot of questions, which is what a good leader should do anyway. In all the examples I saw, the person took a lot of time (~3 months) to listen and learn about their new area before making any substantive technical decisions. I have also seen cases where an engineer from a different field becomes manager of a team. Managers who aren't technically deep enough are also susceptible to bias in the review process, tending to reward folks who are more visible and whose work is easier to understand but missing the behind-the-scenes stars. To some extent I think this is bias on the part of engineers: some people devalue strategies that are synthesized from the team members' input if they don't find the leader technically credible, even if the strategies themselves are solid. I've seen a couple examples where the person made a really great effort and did quite well on the people side, but just couldn't grasp the technical aspects of the role well enough to ask the right questions, set a good strategy and get people to buy into the strategy. Even a very good people manager will struggle if they aren't able to review documents effectively and make good strategic plans. The scenario where the (T)PM is most likely to be successful is managing a team that they've already been working closely with for a while, where they have a good reputation and relationships. Even if the (T)PM has an engineering background, their new team is going to be skeptical of their technical abilities. The question was, "What do you think about product managers or tech program managers making moves to leading software and security engineering teams within their area of expertise? Is that enough credibility to have worked very closely with the engineers if they excel in the other areas of people and project leadership?" I was asked a question in a comment thread and my response exceeded the character limit, so I figured I'd turn it into a full post. ![]()
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