I think the articles related to staff cuts should often call out what the company size was 12/24 months prior. It's never good for folks to lose their jobs, but companies, especially tech focused ones - grew unbounded during the last couple years.

H&M has 155,000 people, and the layoffs are primarily back-office staff. As unfortunate as it is, laying off 0.1% of a company of that scale (perhaps not in one go) has to be somewhat of a standard practice?