I work for a US company but in western Europe. The layoffs have been much more humane here than in the US. There was a negociation process which lasted several months, and the severance was better and on a voluntary basis. I don't think a company making profit can easily get rid of employees over here, but probably depends on the country. Regarding performance-based layoffs, they did manage to fire people too, but again it was technically a common agreement.

That being said, if they want to get rid of employees, they always find a way. And the European market isn't as dynamic as the US one, so there are pros and cons. Personally, all things considered (risks of layoffs, PTO, cost of living) I'm happier in Europe but it really depends on individual situation.