Well they clearly don't "need" that many devs just to maintain it, since they just laid off most of their devs. But "need" and "want / have the revenue/work to hire and sustain" are different questions. I've never worked a single development position where there wasn't always more work to do and not enough people or time to do it. It appears they previously did have the revenue, and presumably had the work. Now they don't have the revenue, and so they had to let people go, and some of that work will go undone or take longer.