FedEx cratering as economy implodes, shipping demand falls off cliff ~ Sept. 21, 2022

FedEx CEO Raj Subramaniam announced bleak preliminary earnings for the company, which sent its share price plummeting more than 20 percent by end of day last Friday, wiping around $11 billion from the company’s global market capitalization.

Late last Thursday, the shipping giant announced the withdrawal of its full-year guidance, as well as significant cost-cutting measures. These include the closure of 90 offices and five corporate locations, as well as deferred hiring.“

Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.,” Subramaniam said. “While this performance is disappointing, we are aggressively accelerating cost reduction efforts.”

FedEx cratering as economy implodes, shipping demand falls off cliff ~ Sept. 21, 2022 – Rose Rambles…