This is most likely not related to cash flows. This seems to be a preemptive strategic layoff to cut costs in preparation of tougher times to raise money / higher interest rates.
A lasting peace for Ukraine needs to happen before that will change.
And with Ukraine not willing to give any territory to Russia, that peace seems very far off.
A coup in Russia could change that, but a coup seems very unlikely.
The trends in market valuations have been consistent for several months now though, going back into last year. Whereas any collapse in consumer spending has yet to manifest itself for any longer than a month and a half.
Or just look at Target’s Q1 results and guidance from last week.