Cruise, Spotify, VMWare, and Unity were among the companies that had sizable (15%+ of a large group) layoffs before the end of last year. I don’t think it ever really stabilized.
But Cruise, VMWare and Unity's layoffs were all very much company-specific execution issues - I'd expect to see some layoffs like that even during boom times. Of that list only Spotify is really in the "we hired too much and now we're downsizing due to economic conditions" boat. In fact, I remember thinking "That sucks, this is the first one of those I've heard in a while" when the Spotify layoff was announced.
