Reported 19 days ago
FedEx has reported a disappointing first-quarter profit and reduced its full-year revenue forecast due to a drop in demand for its priority delivery services. The company's stock fell nearly 10% after it revealed that profits have been pressured by a trend of customers opting for less expensive shipping options, leading to restructuring efforts and significant cost-cutting measures. FedEx also expects challenges from losing a major contract with the USPS, which is anticipated to impact revenues by $500 million.
Source: YAHOO