Trending: FedEx Posts Third-Straight Quarterly Revenue Drop
0:52 a.m. ET -- FedEx is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The shipping and logistics company's quarterly revenue fell sequentially for the third time, with sales down 10% to $21.93 billion in the fiscal fourth quarter ended May 31, below the $22.55 billion expected by analysts according to FactSet. Chief Executive Raj Subramaniam blamed weaker global trade as well as higher inflation and interest rates for the drop in sales. The company expects to mitigate the fallout of declining sales to its earnings by cutting about $4 billion in costs over the next two years with measures such as retiring air and ground transportation vehicles and consolidating its U.S. and Canadian Express and Ground networks. Dow Jones & Co. owns Factiva. (ada.hui@wsj.com)
(END) Dow Jones Newswires
June 21, 2023 10:09 ET (14:09 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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