United Parcel Service said on Tuesday it has cut 34,000 jobs over the first nine months of this year. Sign up to receive the latest updates from U.S. News & World Report and our trusted partners and sponsors.

UPS, in the throes of a cost-cutting drive, said on Tuesday that it had reduced its work force by 48,000 employees this year. The Atlanta-based delivery company, which had nearly half a million employees at the start of the year,

United Parcel Service posted third-quarter results that handily beat Wall Street’s expectations and gave details about its turnaround efforts, including approximately 34,000 job cuts

United Parcel Service Inc. smashed Wall Street’s third-quarter profit expectations, sending its shares soaring and fueling confidence in the courier’s comeback plans.

Tuesday trading, after the package-delivery giant reported third-quarter earnings that beat expectations by the widest margin in years. Investors also expressed relief after the company provided a fourth-quarter revenue outlook that was above expectations.

Shares of UPS soared Tuesday morning after the courier beat Wall Street estimates in its third-quarter earnings report.

REUTERS/Andrew Kelly/File Photo (Corrects to say UPS cut 48,000 jobs so far this year, not 34,000, in paragraph 1 and headline) (Reuters) -United Parcel Service said on Tuesday it has cut 48,000 jobs so far this year.