Because they’re still making billions. They’re just not making as many billions as they’d like, and as many as the investors are demanding.
That’s what’s driving the stock price drops more than anything else, but they’re not a broke business with no resources, no sales, and no hope heading into bankruptcy.
They’re just not feeding the vultures, and the vultures are going to force a sale to someone worse.
They’re mostly in France, yeah?
It turns out that most European countries (and especially France) have actual worker protections, and you just can’t point and yell ‘you’re fired!’ at someone and do mass layoffs without, you know, doing them legally.