Reported 2 days ago
FedEx forecasts a $1 billion hit to its profits this fiscal year due to a slump in demand from China to the U.S., which has already impacted first-quarter earnings, costing $150 million. While domestic package revenue rose by 8%, aiding overall revenue growth, international exports fell by 3%. The company is reducing capacity related to China while expanding its partnership with Amazon to boost domestic revenues. FedEx remains cautiously optimistic about holiday season growth despite the challenging global trade environment.
Source: YAHOO