When companies go through continual layoffs they hurt their ability to recruit–and you always need to recruit. You need to recruit because many of your best employees will leave on their own for greener pastures when they don't see a future. Those employees theoretically need to be replaced–at least some of them.
Top talent wants to go somewhere with a bright future and opportunity to make an impact. Mid-tier talent want stability at the very least. Riverbed cannot offer either at this point.
Who would take a job knowing they can be cut at any point, and that there is no clear path for success of the company? Maybe someone that was let go from somewhere else and wants a paycheck until they can find a better position. That's the only way I can see it.