Are layoffs very common in product based companies?

I have been working in the consulting companies and in over a decade of my experience, I have never faced the threat of layoffs as, if one project ends, there would be some next project which will always be available in consulting companies, though my billing is bit higher these days.
Now, as I am in the verge of switching to a product based company, little apprehensive about people talking about layoffs.
Can someone guide on this?
Tech: SAP

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How much u r earning ?? Layoff dependa on pay too

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Joined a product based recently for a new project, they hired 20+ candidates only for the new project, if they have budget issues in the future they might stop the new project, which directly results in layoff the team ( got to know this internally) so there is more risk of layoff when compared with service based.

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