Business

market movers

FedEx’s quarterly profit falls 45 percent

FedEx shares are off 7 percent since March. Earnings fell from $550 million to $303 million.

Justin Sullivan/Getty Images

FedEx shares are off 7 percent since March. Earnings fell from $550 million to $303 million.

Advertisement

FedEx Corp. quarterly profit fell 45 percent as international customers traded down to less-expensive deliveries and the company spent heavily on restructuring. About 3,600 employees will take voluntary buyouts; nearly half of them have left. FedEx is also retiring older planes. Excluding charges related to those moves, results beat expectations. But the profit forecast for the next 12 months was less than analysts predicted.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com