Google's 10k layoff was simply not justified by management's soulless explanation. The company is a technical and financial juggernaut. It is still hiring. The only problem they faced is they wanted to pivot their headcount investment on a grand scale and did not want to deal with the typical horse trading reorgs take.
Tldr Google's layoffs was just an example of leadership taking the easy way out and it also is a time in the macro economy where wall street will award a layoff.