You are right layoffs should make this stock more attractive, hisory tells us otherwise. There are a lot of emotions on this board and many facts.
Cadence has done layoffs almost every year for the last 8 years. Recently after determining how poor Q2 would be they did a layoff in early April in addition to the one in December. In total 10-12% of the comapny was let go between December and April from what ex-employees have told me. This in theory should have cut expenses but it never helps and the expenses just edge higher. Maybe it was all those VP promotions after the layoff that edged expenses higher or another mortgage for Mike - I do not know.
Until a true turnaround person with experience is hired expenses will be out of line in R&D, field, sales, and the executive ranks.