1. #1
    Mr KLC
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    FedEx IS Closing Stores/Freezes Hiring

    FedEx said Thursday it is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business.

    The company based in Memphis, Tennessee, warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume.

    Its stock fell more than 16% in after-hours trading following the announcement.

    The company’s FedEx Express business was particularly hurt by challenges in Europe and weaker economic trends in Asia, which led to a roughly $500 million revenue shortfall for the segment. FedEx Ground revenue, meanwhile, came in about $300 million below the company’s forecasts.

    High operating expenses were also a drag on the company’s results, FedEx said.

    In response, it said it will cut costs by closing over 90 FedEx Office locations and five corporate offices, deferring new hires and operating fewer flights.

  2. #2
    pologq
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    wonder what changed in Asia to make this happen

  3. #3
    b1slickguy
    WDKYWMYAK
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    Should have seen this coming:

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  4. #4
    TheMoneyShot
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    Biden said he's put more people back to work than any other President.

    True Translation: Companies going under due to recession.
    175 pts

    3-QUESTION
    SBR TRIVIA WINNER 12/01/2022

    175 pts

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  5. #5
    VeggieDog
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    FedEx sees the recession getting worse.

  6. #6
    KVB
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    Quote Originally Posted by b1slickguy View Post
    Should have seen this coming:


  7. #7
    ByeShea
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    Quote Originally Posted by TheMoneyShot View Post
    Biden said he's put more people back to work than any other President.

    True Translation: Companies going under due to recession.
    That idiot had a party at the White House celebrating Inflation Reduction Act - the SAME FUKKIN DAY THAT PPI NUMBER CAME IN A HIGHER THAN EXPECTED 8.3%

    He was taking bows as the stock market crashed.

    Is there even a point to mentioning how out of touch this senile buffoon is?

  8. #8
    Mr KLC
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    FedEx plans to increase shipping rates by an average of 6.9% starting in January as it copes with weaker business demand.

    "Effective January 2, 2023, FedEx Express, FedEx Ground and FedEx Home Delivery rates will increase by an average of 6.9%," the company said in a statement on Thursday. "FedEx Freight rates will increase by an average of 6.9%-7.9% dependent on the customer's transportation rate scale."

    The rate hike comes after the shipping company warned last week it has seen a drop-off in its global package delivery business. FedEx plans to shutter some storefronts and corporate offices and institute a hiring freeze to tighten costs amid the slowdown. On a Thursday conference call to discuss financial results, FedEx executives pointed to surging inflation as one of its woes.

  9. #9
    manny24
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    still the best way to ship weed

    long as they get paid do not give a fuk what you are sending

  10. #10
    TheGoldenGoose
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    Quote Originally Posted by TheMoneyShot View Post
    Biden said he's put more people back to work than any other President.
    True Translation: Companies going under due to recession.

    This is true. You can make numbers do anything. GWB claimed he lowered the unemployment rate substantially. And he did. More people went back to work flipping hamburgers and stocking shelves while his corporate fukk buddies outsourced all the good jobs.

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