First-quarter sales at Waters were down 10%, to $465 million, prompting the instrumentation firm to cut salaries, delay capital projects, furlough workers, freeze hiring, and cancel stock buybacks. Waters’s instrument sales were hardest hit, down 20% versus the first quarter of 2019. Geographically, China led the overall sales decline with a 48% drop. Executives will take pay cuts of 20–40% for 90 days. Other staff face 10% pay cuts and furloughs for at least the same period.