Unfortunately, people are panicking.
The Mothership (i.e. parent company) makes the significant portion of its money in luxury electronics.
None of that matters, other than as fair warning of potential job losses pretty much anywhere. What's done is done, and better now than two months from now.
I'm not married, I don't have a family to support, I have a very technically advanced resume and some mad skillz, and I was a contractor for ten years prior to hooking up at the ex-company. This theoretically makes me more resilient and more likely to get another job soon.
I saw my PM break down today. We hired him on after he had been laid off from 3M about two years ago, and the trauma of that layoff kinda came back in on him. I think he's probably scared more than anything; this probably isn't going to be the last of the layoffs.
I think I'm gonna lay down for a while.