This is not a downturn though. It is a collapse.
What makes you think it's a collapse?
A collapse is dropping by close to 50% or more, like Uber's demand. It's suddenly playing an entirely different game, it becomes a qualitatively different business.
If this isn't a collapse, nothing is.
A "pause" would imply things will return to normal as soon as things are "unpaused". If you cut 3,000 jobs and 45 offices, those are not just magically reappearing when things are "unpaused".