FedEx profit falls, company cites uncertainty over trade

Profit at FedEx fell 11 per cent in its fiscal first quarter. The company said it would cut costs, including scaling back capacity in its express air-delivery network. CEO Fred Smith attributed the poor results to a weakening global economy ’driven by increasing trade tensions and policy uncertainty’. The quarterly profit of $745 million was down from $835 million a year earlier.

FedEx profit falls, company cites uncertainty over trade

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