Worked at Dell for over 25 years. A couple of things are consistent, continued pressure to maintain and increase the stock price and layoffs, When the stock price goes down and stays there for a while - expect actions of some sort to happen. A few years ago they cut bonuses and 401K contributions (later restored them). Money is king, and when the king gets nervous, the "Game on Moans" enters yet another season.
Dell has always been rough when it comes to layoffs. Early Dell was legendary for it's massive cuts. For a period of time back in the 90s Dell was on a hiring binge as demand soared for PCs, but then significant layoffs began again after the Y2K, the dot.com bust, 9/11 - etc. Dell continually hires college grads and others, but then they cull back the headcount using various means to "justify" who will get let go. When the word comes down from the top to cut costs - not much can be done at that point. Transferring to another position is almost impossible because they tend to freeze open reqs at the same time.
Dell is not alone when it comes to layoffs - welcome to the high-tech industry. Good luck to all and especially those over the age of 50. Getting an equivalent paying job at that point may be difficult. Have a backup plan folks ...