A old trick ... when not making money ... squeeze the expenses ... this is exactly what happened and it will continue ...
This can only go on for so long before the whole thing collapse but hey, the directors and above will be long gone by then.
We are all struggling with not having enough resources here at work, less knowledgeable people, and looks like more of that in the future while the directors and above get fat with their rewards for whacking people. Imagine a cloud product company that does not have sufficient budget for testing in the public cloud environment. This has been going on for awhile. With the increased pressure to keep earnings up, no customers, more layoffs is inevitable.