After FedEx warned last Thursday that a sluggish economy may cause it to fall $500 million shy of

Source: Bloomberg

its sales objective, shares of the company fell 21% in premarket trade on Friday. FedEx's express

Source: Bloomberg

delivery business has been harmed by a declining global economy, notably in Asia and Europe.

Source: Bloomberg

The business said that package demand decreased in the last few weeks of the quarter. The

Source: Bloomberg

company announced that in response, it will cut back on staff hours, postpone some hiring plans,

Source: Bloomberg

and close 90 FedEx Office locations in addition to five corporate offices. It will also temporarily

Source: Bloomberg

park aeroplanes. According to FedEx (FDX), its adjusted earnings will be down $260 million, or

Source: Bloomberg

17%, from the same period a year ago. Despite falling short of the company's initial aim, revenue

Source: Bloomberg

increased by $1.2 billion, or 5%. FedEx Ground, the company's major delivery method for US consumers'

Source: Bloomberg

online orders, fell $300 million short of its sales goal. Deliveries are done by independent

Source: Bloomberg

contractors, not employees, for the corporation, and many of these contractors are lamenting the

Source: Bloomberg

unprofitability of their operations due to increased costs for fuel, labour, and new vehicles.

Source: Bloomberg