Meredith Corp. /zigman2/quotes/201770619/composite MDP 0.00% , the magazine publisher which brands include "People," "Better Homes & Gardens" and "Allrecipes," said Monday it was suspending the payment of its dividend as a result of the uncertainties surrounding the COVID-19 pandemic, about 2 1/2 months after it announced a dividend hike. The company also said it was cutting salaries of its executives and exempt employees and making "significant" reductions in capital expenditures. The moves come as the company also said it was on track to report fiscal third-quarter results in line with previous guidance, as traffic to its digital properties has increased in the high-single-digits percentage range, and is up 40% so far in April. Meredith said, however, that it has witnessed "significant" advertising cancellations and delays. The stock, which was indicated down over 1% in premarket trading, the stock has tumbled 40.3% over the past three months through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.75% has lost 13.7%.