The companies may survive, departments may survive. They'll need time to recover, rebuild, find new confidence and morale.
But... in the short-term, once cuts start they don't stop.
It's always too little too late. The big cuts are indicative of how bad things already are, the small cuts are indicative of how bag things are yet to get (but it is coming down the line and aimed at you).
Once the axe starts swinging, be in control of your situation and look elsewhere. Don't wait to let the situation dictate to you.
That's not _necessarily_ true. I've worked at a company that expanded far too fast, and laid off a sizeable number of people. They then got some serious focus on the areas that they could do well, made good money and grew more sustainably. By the time I left they were substantially bigger than they had been, sustainably profitable and had been acquired.
On the other hand, I've also been places where the cuts just kept on coming.
But... in the short-term, once cuts start they don't stop.
It's always too little too late. The big cuts are indicative of how bad things already are, the small cuts are indicative of how bag things are yet to get (but it is coming down the line and aimed at you).
Once the axe starts swinging, be in control of your situation and look elsewhere. Don't wait to let the situation dictate to you.