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FedEx (
FDX) reported a significant drop in quarterly profits and lowered its full-year revenue forecast on Thursday, September 19, 2024, as customers continue to shift from fast, expensive deliveries to slower, more cost-effective options. However, upon closer inspection, the numbers seem to mask a deeper issue—the decline in business-to-business shipments, a trend consistent with other carriers.
Shares of FedEx plummeted nearly 11% in after-hours trading, closing at $267.74, and dragged rival United Parcel Service (
UPS) down by 2.5%.
Both FedEx and UPS are seeing their profits squeezed as the shift to less profi ...
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