They're losing money on their ridiculous attempt to have a "smart" watch. What were they thinking to even attempt to compete with iWatches and Android watches then have the nerve to price theirs HIGHER when it does about 10% of the others! Yeah, that's a read "genius" idea that cost them a fortune. Fools.
By the way, the lay-offs were done under the guise of "bad reviews" so they don't have to pay a dime in severance pay to people who have worked there for 10-20 and some even more than 20 years. No way to treat people.