More precisely, this is what they actually did:

"Therefore, I've made the difficult decision to reduce our operating expense(1) by about 25% Q/Q, which includes letting go of about 950 people

(..)

(1) Comprising Sales and Marketing Expenses, Technology and Development + General & Administrative Expenses, including stock-based compensation and excluding restructuring expenses and Other operating expenses"

(..)

In futher news, highly recommend Ben Thompson's recent interview with Brian Armstrong.