FedEx lays off 10% global management staff
"It is my responsibility to look critically at the business and determine where we can be stronger by better aligning the size of our network with customer demand." Raj Subramaniam, President and Chief Executive Officer, FedEx
FedEx reported a 24% decline in net income to $788 million for Q22022 compared to $1.04 billion in Q22021 on lower FedEx Express income.
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Earlier, in a shocking move, FedEx withdrew 2023 earnings forecast, announced closure of over 90 office locations, cancellation of planned network capacity and deferral of staff hiring.
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