Logistics Firm XPO to Trim Jobs as Cost Controls Drive Profit Beat

XPO Logistics, a global provider of transportation and logistics services, has announced plans to cut jobs as part of its cost-cutting measures after reporting a profit beat in the last quarter. The company's management stated that the job cuts are necessary to streamline operations and reduce expenses.

Despite the job cuts, XPO Logistics reported strong financial results in the last quarter, driven by cost control measures and growth in its e-commerce business. The company's revenue for the quarter stood at $4.6 billion, beating analysts' estimates, and its net income rose by 19% to $209 million.

XPO Logistics CEO, Brad Jacobs, said that the company's e-commerce business had experienced significant growth in recent months due to the pandemic-induced shift towards online shopping. He added that the company was well-positioned to capitalize on this trend and expected continued growth in the future.

The logistics industry has been significantly impacted by the pandemic, with many companies forced to pivot their operations and cut costs to survive. Despite the challenging environment, XPO Logistics has managed to stay ahead of the curve by focusing on cost control measures, expanding its e-commerce capabilities, and improving operational efficiency.