[throwaway3572]

Also, failing companies that use layoffs to restructure can succeed. For an example see IBM in the 90s. It’s hard but possible. And since the article uses stock price as a proxy for success, IBMs stock struggled for a long time afterward. It hit an all time high in 2025.

And then there are non tech industries that just go through cycles, like oil.

[derwiki]

IBM is up 40% from its previous 2012 high point. In the same time, S&P is up nearly 400%.

[ghaff]

Its stock has done pretty well the past couple of years. (And it's a pretty good dividend stock as well.)