If you have proven data as to how your designs are correlated to the bottom line of profit, I would pursue it with HR and Exec team, they may see it differently as to how valuable they think your skillset is and they need to make cutbacks. You have to ask yourself are you willing to work for another company where this could easily happen again (sorry but when times get tough, designers are always the first to go). I wouldn't take it personally and start looking for work, i'd use this bottom line value as a good training exercise as to how much you are really worth to a company.
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