I think why news of layoffs is so disconcerting is that it can be really, really hard to differentiate between what's fat and what's muscle in the business. A l

I think why news of layoffs is so disconcerting is that it can be really, really hard to differentiate between what's fat and what's muscle in the business. A lot of "cost centers" like development end up meaning a lot to brand perceptions, which isn't valued correctly in the traditional P&L hierarchy and can have a significant time lag.