It seems really perverse incentive wise that layoffs always seem to bump stock prices. Companies are going to need to transition at times and have cut backs and pivots but it doesn't seem like it should be a market signal that the company is doing something worth investing in so consistently. Many times what these cuts do, in many companies, is just offload the tech overhead to another department, or lower quality and quantity of work being done by another department. When I was in IT they wouldn't replace workers who had left. This caused IT hold times to go from less than a minute for an answer to over an hour. We estimated that it ended up costing the company over a million dollars in man hours over some non-trivial period because of wasted time on users who were no longer able to perform their duties. They outsourced the call center after I left. I heard it's only gotten worse as the call center frequently hangs up if the call is too hard or is taking too long since they are tracked on call times and numbers. Perverse incentives.