Profits down 61%
So, let me get this straight. They are panicking and laying off people because profits are down? They aren't losing money, just not making as much as last year? And this is a full panic-mode disaster that requires extraordinary measures? Really? Can the CEO not afford that extra yacht this year or something?
Maybe instead of paying people off, they ought to be looking at consolidating the business and accrued expertise and looking for ways to improve thins rather than cutting back. It's the people who generate the income. If they really need to get rid of people, look first at the upper and middle management. Every large company almost always has far too much management as departments and admin grows during empire building and each department or division tries accrue "kudos".