I've been looking to buy some stocks recently, and have been curious about something.

I'm looking to invest in some tech companies, and wondering why is it that when they announce layoffs, the stock price goes up? I was thinking about investing in AMD today, but it turns out that despite them reporting layoffs, their stock went up.

In this case, I've been thinking about investing in companies that are going to have massive layoffs soon. But I don't understand why laying off employees will drive stock prices up. Why is this? Am I confusing what's happening?