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.
But they expecting more from their BCH stash which didn't materialized because we suddenly went into a bearish trend. Yes this made billions in profit but BCH become a non performing asset unless they liquidate it and with today's price, they probably lost billions as well. I'm sure that Bitmain will survived, but it order to do that, they have to lay off a lot of employees, it's a cut throat business and anyone is "dispensable".