And your conclusion is that they would? Perhaps not raises, but bonuses, because they shuffled 100 of 161,000 people?
If they're following your law of lower head count = higher profit margins = bigger executive bonuses, then why do they have over 1000 open positions in Cupertino alone? You'd think they'd stop hiring which increases head count and thus supposedly lowers profit margins...
Alternatively, would it not make more sense that profits are maximized if you have as many people as your cash flow can support producing work that yields returns greater than their compensation (adjusted to net present value and measured against an appropriate discount rate, cost of capital, yadda yadda)?
If you have 1000 jobs to fill and some of those jobs are expected to bring more value to the company than the projects 100 people are currently working on, then wouldn't it make more sense to move the employees you've already vetted and hired from less productive work to more productive work?
"layoffs = profits = bonuses" is lazy, cynical, logic... Next time you're hobnobbing in your C-suite, you might consider telling them so.