Not necessarily. They have 4000 employees, which probably has a number of non-revenue-generating positions that many SV companies are wont to have. Like Python API WebSockets Diversity Developer Envangelists with full travel budgets to go to 49 conferences a year. (I just made that up, but you get the idea)
Maybe judging a boom by twitter layoff is a bit too soon. However, the underneath mindset rings a bell: people starts to realize winter is coming, but not sure when...
For many businesses, that might be 2 or 3 too many.
Also, that was just an example I pulled out of the air. It could be middle management, or a documentation expert whose role is regulating font size. The point is that for a company with a simple product, an API and clients for that API, and monetization through advertising, that's a lot of employees. If the money's not there, cut the fat.