dubsta
Legacy Member
FedEx Corp. said net income dropped 75% in its fiscal third quarter, below even Wall Street's grim predictions for a company considered a bellwether of the national and global economy.
The shipping company also said it plans to cut $1 billion in expenses in the coming fiscal year, mostly from its Express unit, which generates nearly two-thirds of the company's overall revenue. Revenue at the Express unit was off 18% for the quarter ended Feb. 28. Overall, the company saw a 5% drop in its Express daily package volume for the quarter.
"I think people have been getting falsely optimistic ...
FedEx Profit Slides 75%, Plans More Cost Cuts - WSJ.com
The shipping company also said it plans to cut $1 billion in expenses in the coming fiscal year, mostly from its Express unit, which generates nearly two-thirds of the company's overall revenue. Revenue at the Express unit was off 18% for the quarter ended Feb. 28. Overall, the company saw a 5% drop in its Express daily package volume for the quarter.
"I think people have been getting falsely optimistic ...
FedEx Profit Slides 75%, Plans More Cost Cuts - WSJ.com