Yep. Before the IPO the task came up to increase our development team size to 200 people, cause “people would rather invest money in 200 developers than in 30”. We would hire anybody who was able to say anything sapient about the task “insert an element into a double-linked list” (and were amazed when 80% of applicants were unable to pass this simple barrier).
On the other hand - when layoffs came they were rather reasonable and the worst people were let go. (None of them were among the people who passed the above-mentioned barrier though).