You think they all magically figured out they were overstaffed at the same time? It's 100% herd mentality. They're cutting because everyone else is cutting, just like they went on hiring sprees because everyone else was doing the same.

It's easy to measure short-term impact (we cut a bunch of people, we're saving money, we're more profitable) but it's very hard to measure the medium to long term impact of these cuts.

Note I'm not arguing these cuts are the wrong strategy, I'm arguing they have absolutely no clue.