The company announced massive layoffs next month to cope with the economic downturn.

layoffs 是名词 layoff 的复数形式。layoff 由动词短语 lay off（解雇、裁员）转化而来，指"临时或永久性地解雇员工"的行为或状态。这里指公司为应对经济衰退而采取的大规模裁员措施。