How does a profitable company justify layoffs then?
To avoid becoming unprofitable? You don't wait until you're on the verge of bankruptcy to take action.
True in some cases. But we've also seen plenty of public companies who are profitable but still lay off people for improved cash flow/stock price, which means more bonus for the few at top.
Because the work isn't needed. They arguably should pay workers more so workers can weather a future layoff or furlough, not pay people to come to work and do nothing.