Chief executive Gary Liu said in the letter the cost cuts were needed because of a 20% fall in revenues in the 2019/20 financial year and a 50% drop in the latest quarter despite more readers amid last year's protests and the coronavirus outbreak.
HONG KONG: Hong Kong's flagship English-language newspaper, the South China Morning Post, owned by Alibaba Group Holding Ltd, will cut senior management pay and ask staff to take unpaid leave for three weeks, a staff letter obtained by Reuters showed.
Chief executive Gary Liu said in the letter the cost cuts were needed because of a 20% fall in revenues in the 2019/20 financial year and a 50% drop in the latest quarter despite more readers amid last year's protests and the coronavirus outbreak.
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