More job and pay cuts at FedEx as 3Q profit sinks

Discussion in 'The Latest FedEx Headlines' started by cheryl, Mar 19, 2009.

  1. cheryl

    cheryl I started this. Staff Member

    More job and pay cuts at FedEx as 3Q profit sinks - Yahoo

    FedEx Corp. said Thursday it plans to cut more jobs and trim wages again, as the company reported its fiscal third-quarter profit tumbled 75 percent on severe weakness in the global economy.

    The Memphis, Tenn.-based company, often seen as a bellwether for the U.S. economy, said it earned $97 million, or 31 cents per share, compared with $393 million, or $1.26 a year earlier.

    Revenue fell 14 percent to $8.14 billion, from $9.44 billion.