Friday, March 20, 2009

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More job and pay cuts at FedEx as 3Q profit sinks

FedEx Corp. said Thursday it plans to cut more jobs and trim wages again, as the company reported its fiscal third-quarter profit tumbled 75 percent on severe weakness in the global economy.

The Memphis, Tenn.-based company, often seen as a bellwether for the U.S. economy, said it earned $97 million, or 31 cents per share, compared with $393 million, or $1.26 a year earlier.

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