I’m guessing that a certain percentage of new hires over the past boom years aren’t working out. It’s easier to identify them and do a massive layoff than have

I’m guessing that a certain percentage of new hires over the past boom years aren’t working out. It’s easier to identify them and do a massive layoff than have to justify each case individually. The fact that everyone else is also laying people off gives them the cover to avoid the huge morale hit than comes with a layoff announcement.