The Gods of Wall Street hunger for more profit - they must be fed.
In my opinion, layoffs damage IT companies that make products.
IT systems are insanely complex and their differentiators are people - people who can understand the complex code AND business environment. To learn that is a steep learning curve of months (or years).
Layoffs will send the best people to polish their CVs and leave OR, worse, the accountants may just fire the most “expensive” people who will be, in the IT world, the best programmers.
No spectrum employees?
We posted my job replacement (retiring in Nov, I gave notice early to train the new guy and marketing person) and got a hundred resumes in a week. We have over 50 other jobs postings (a lot for a midsize company) and barely a trickle on the other jobs.