We just had a mandatory all-employees (including contractors) meeting. Distilled down to the bare essentials, it comes down to:
“We’re reducing the R&D budget by 30%. We’re going to try and do that by shifting some costs into other budgets, cutting a few projects, pushing back some schedules.
Oh, and if that doesn’t work, we’ll cut staff. We’ll let you know when.
Have a nice day.”