This company (like all public companies) is a business that is owned by the peope who own the AT&T Stock. The board hires the Managers at the top and they in turn hire US.
There is a single purpose for this company and all other for-profit companies. It's to make money.
The Managers are beholden to the Board who are beholden to the major stock owners.
This company cares nothing about nobody - and they'll do whatever they must to make their buck. Your friends at work might care about you and a few of your supervisors may as well. Yes, your quarterly layoff shows you this - great, good, and poor performers let go to achieve cost savings.
As much as you may not want to realize it - we trade our time for money here. We earn a living on a quarterly basis. When the economy is better and the company is making money for its investor/owners - we don't notice the quarterly cycles as much.
Cold hard truth in a nutshell. We're all just a number. The social contract is gone - https://www.chieflearningofficer.com/2017/05/08/employer-employee-social-contract-2/