Did you know that there was a staffing analyst contracted to evaluate the corporate structure? I have known about it for at least five months. Also, the layoffs didn't just start. There were several small scale layoffs in January and June, then the PIP firings in May.
One more thing...I understand the business reasons, but it doesn't make sense. Let's say that they cut 100 employees. Let's say that the average costs of employment is $100K per employee. That's $10M per year. That's a drop in the bucket for a company that brought in $2B in revenue.
Funny how the little people are fired, but the C-level folks (that are supposed to provide the vision) are still intact. If the company is failing, it is because of poor leadership!