FedEx cut its earnings targets for the fourth time this calendar year as quarterly profit dropped 40%. Shares fell more than 6% after hours.
FedEx Corp. cut its earnings targets for the fourth time this calendar year, as the delivery giant records less revenue from its Express business and books higher costs tied to delivering more e-commerce packages to homes.
The company is ramping up efforts to control expenses amid a global slump in air shipments and a surge in residential deliveries during a shortened holiday shopping season. Those actions include grounding aircraft, eliminating some international flights and restricting hiring.
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