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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.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

The perils of organizing underground

Illustration: Aïda Amer/Axios

Researchers see one bright spot as far-right extremists turn to private and encrypted online platforms: Friction.

Between the lines: For fringe organizers, those platforms may provide more security than open social networks, but they make it harder to recruit new members.

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