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Photo: Erik McGregor/LightRocket via Getty Images

Salesforce announced on Wednesday it is cutting roughly 1,000 jobs, though it said it continues to hire for some growth areas.

Why it matters: The move comes just a day after the company announced blowout earnings and raised its guidance, sending shares up 26% on Wednesday. Salesforce had also pledged in March not to lay off employees for at least 90 days, but that was five months ago.

Between the lines: If even tech companies that are doing well are pruning their ranks, these cuts could portend widespread job losses in the coming months, with steeper losses at those companies whose business has been more directly hit by the pandemic.

What they're saying: "We're reallocating resources to position the company for continued growth. This includes continuing to hire and redirecting some employees to fuel our strategic areas, and eliminating some positions that no longer map to our business priorities," a Salesforce statement said.

Go deeper

Dan Primack, author of Pro Rata
Dec 3, 2020 - Economy & Business

The forever tech bubble

Illustration: Eniola Odetunde/Axios

Price discipline is dead. Long live the tech bubble.

The big picture: Determining "proper" tech startup valuations has always been subjective, but lately it's been more akin to throwing a dart at the ceiling than at the board.

13 mins ago - Sports

NFL to end race-based testing in concussion settlements

Photo: Brett Carlsen/Getty Images

The National Football League (NFL) on Wednesday reached an agreement with former players to end the controversial practice of race-based adjustments in dementia testing, AP reports.

Why it matters: The deal, which must still be approved by a judge, comes amid a broader discussion of racial inequities in health care.

Parents in Michigan, Virginia sue AG over action on school board threats

U.S. Attorney General Merrick Garland during an October news conference in Mexico City. Photo: Hector Vivas/Getty Images

A group of parents in Michigan and Virginia accused Attorney General Merrick Garland in a federal lawsuit Tuesday of trying to "criminalize" free speech by directing law enforcement to review threats against school staff.

Why it matters: The lawsuit, filed by the conservative American Freedom Law Center on behalf of the parents in two school districts, accuses Garland of seeking to suppress free speech in his memorandum directing federal authorities to counter the threats spike.

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