No real surprise. They'll have expanded unnecessarily when bitcoin mining was immensely profitable in the previous bull run and now they're feeling the squeeze. They won't be the only company that is doing this.
Remember they have tons of BCH which is not as profitable as they think it would be.
Still pretty profitable when you consider they just magicked a lot of it out of thin air with the bitcoin fork. I don't really have any sympathy for them, they probably generate billions of dollars in profit every year, even with the market as bearish as it is.