There is no way to sugar coat it - the company is being run into the ground. The company clearly hired far too much in the "good ol days" and as a result is unbelievably bloated with roles and people that have very little impact on the company's output. There is then a small subset of people who are literally holding the entire company up but are in no way being rewarded or compensated for their huge impact. The company also pick and choose which global issues to acknowledge and have completely alienated certain DEI groups.
As a result - the best people are leaving and the talent across the org is continuing to dip especially in engineering and product.
The executive team seem to have no concrete way to hit the financial targets beyond layoffs which have been frequent and anything from company wide to stealth but never deep enough.