FedEx cut its full-year revenue forecast and reported a quarterly profit that fell far short of analysts’ targets on Tuesday, sending shares tumbling 9.8 percent as its largest Express business saw demand from the U.S. Postal Service drop.
FedEx now expects a low-single-digit percentage decline in revenue from last year, compared with its prior forecast of roughly flat results.
In a nod to investors who have pressured the company to slash costs and improve profits, FedEx said it expects to repurchase an additional $1 billion of common stock during the 2024 fiscal year.
