Layoffs are rarely about productivity, especially at super profitable companies. Layoffs are primarily about short-term metrics to drive shareholder expectations. Where those metrics
reflect productivity it is generally three or four degrees of separation from any actual productivity data. The thing those metrics are most good at showing are labor cost aggregates versus industry base rates.
The biggest reason for layoffs has always been, and likely will always be, the "C-Suite class" controlling expectations on labor costs (salaries/wages) in an industry. That's why they often happen in waves, many companies at once, it's a pressure release valve to keep the labor market in "control" propagated by the largest shareholders, especially those born and bred into the C-Suites. Those shareholders don't actually care how productive a company is, productivity is increasingly orthogonal to profit. They care how profitable a company is, and companies stay the most profitable when (among other things) the labor market is most effectively depressed (and layoffs are a useful depression tactic) and laborers aren't comfortable enough to fight for better wages.