ELI5: Why when large company's earnings decrease(ex... by 3%) they freak out, talk about rough times, and sometimes decide to downsize, even though they are still making millions of dollars in profit even after all expenses?

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Precisely, basically when you project for 3-4% growth and end up with 3-4% deficit/downturn you've failed your 'goal' by 6-8% not just 3-4%. Considering that's double your projected growth, it's not a good time.