It sucks but I have heard a lot of stories. They cut down people when the profit margins aren't there so their quarterly report isn't as bad. I don't think there is much you can do if they let you off but try to have some emergency funds to last you a few months. This will give you time to find a new job if you need to.
In software companies, the largest overhead, are the people. It is pretty much the only place they can make significant savings. However, it is also the place they spend the most on investment, and if the people aren't the right people, it is costly to keep them.