Illustration: Aïda Amer/Axios

Automation Anywhere, a robotic process automation company valued at $6.8 billion last fall by venture capitalists, began laying off hundreds of employees on Monday, Axios has learned.

Why it matters: The coronavirus pandemic will push more enterprises toward automated software, but the shift isn't happening fast enough to stem top-line losses for Silicon Valley companies like AA.

What they're saying:

"Due to the Covid-19 pandemic and the changes it has brought to the global economy, Automation Anywhere is adjusting operations and restructuring parts of the company, which will result in a workforce reduction. Although we are confident in the company’s strength and ability to grow going forward, given the current circumstances, we must reduce expenses in some areas and realign our resources to new skill sets in key growth areas, such as cloud and digital, that offer higher value service to customers."
— Automation Anywhere spokesperson

Automation Anywhere declined to specify how many of its 2,600 employees are receiving pink slips, although Axios has heard the number is north of 10%.

Investors: The San Jose, California-based company has raised $840 million in venture capital funding from firms like SoftBank, Salesforce Ventures, Goldman Sachs, NEA, Workday Ventures, General Atlantic and World Innovation Lab.

Go deeper

S&P 500's historic rebound leaves investors divided on future

Data:; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.

2 hours ago - Technology

Dark clouds envelop feel-good Pinterest

Illustration: Eniola Odetunde/Axios

Pinterest set out to be a bright spot in cutthroat Silicon Valley, but now stands to see its reputation forever tarnished by allegations of mistreatment and a toxic culture by women who held senior roles at the company.

Why it matters: Even a company known for progressive policy decisions and successfully combatting hateful and otherwise problematic content isn't immune to the systemic problems that have plagued many tech companies.