Update: FedEx to Cut 1,000 Jobs

FedEx will cut about 1,000 jobs across its companies as a result of cost-cutting measures.

The cuts will take place before the end of May.

Other cost-cutting programs include reductions in spending, streamlining of information technology systems, and cutting pay actions for foreign workers.

In its Q3, FedEx reported that its net income was down a whopping 75%.