9/15/2022, 10:39 PM (Source: TeleTrader)
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Chart for: FedEx Corp

FedEx withdraws guidance amid 'softer' shipment volume

FedEx Corp. withdrew its 2022 guidance on Thursday while also unveiling new measures to cut costs due to a "softer" volume of shipments worldwide.

"Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the US... While this performance is disappointing, we are aggressively accelerating cost reduction efforts," Chief Executive Raj Subramaniam noted in a statement.

Under the new measures, the transport company plans to close 90 offices and five corporate facilities, as well as suspend hiring and reduce flights. FedEx said that its business saw the most significant drawback in Europe and Asia during its first fiscal quarter.

Baha Breaking News (BBN) / ND