I'm surprised to see so many comments here taking layoffs personally, or talking about how layoffs are stupid. Layoffs are not personal, and the corollary to that is that you should never treat your company as a friend. It's a company trying to maximize value. Also, layoffs do work. Almost every large, successful company has done them at some stage. They are an expected, and necessary, part of operating a company and…
The long term objective of a company is not to save as much money as possible. It's to spend money toward endeavors that generate more money.
If the layoff is because of an efficiency improvement, that's justified - like a factory replacing labor with newer cheaper robots. However, that's not what the tech layoffs were about. Tech companies are basically saying we want to do less work. It's not an efficiency improvement, it's a downsizing of their business activities, and it's not clear-cut whether that's a good business strategy for companies that are wildly profitable and growing.