"The shares jumped 6.5% in premarket trading." and that's the real reason all of these are being done. It's investors demanding their pound of flesh in outrageous returns that no other industry but tech and private equity would even consider.
Agreed. While much criticism gets directed to the leadership for irresponsible hiring and operations, the market dynamics of today which are motivating businesses to cut costs, were at an earlier time motivating businesses to rapidly grow and expand. Company executives who do not satisfy the market are quickly exited.