SunPower Corp. SPWR, -1.62% said late Wednesday it cut costs and implemented a hiring freeze to shore up its balance sheet amid the coronavirus pandemic, adding that it remained on track to split into two separate companies by the end of second quarter. The solar-power company also said it would reduce management salaries and halt merit increases. The actions will result in savings around $50 million in 2020, SunPower said. “The company is also reviewing all discretionary spending as well as other programs to further reduce costs in the near-term and remains comfortable with its liquidity position,” it said. Shares of SunPower were 2.4% higher in the extended session after ending the regular trading day down 1.6%.