FedEx shares tumble 10% after weaker demand hit revenue outlook
Publishing timestamp: 2023-12-20 10:47:08
Summary
FedEx's fiscal second-quarter results fell short of estimates due to lower demand, leading to a cut in its full-year sales outlook. The company's Express unit was particularly affected by lower demand, surcharges, and customers shifting to cheaper services. FedEx shares fell about 10% in response to the revenue forecast cut. However, the company expects operating income to improve due to its cost-cutting plan.
Sentiment: NEGATIVE
Tickers: FDX,
Keywords: breaking news: markets, airlines, life, breaking news: business, economy, aerospace and defense industry, business, breaking news: economy, travel, markets, business news, retail industry, fedex corp, transportation,
Source: https://www.cnbc.com/2023/12/19/fedex-fdx-earnings-2q-2023.html