While most companies are (or close to) bleeding money, Fed Ex had higher profits than last year’s 3rd quarter, but announced cuts because of the economy. A competitor, DHL, has announced it will no longer service domestic shipping in the US, so Fed Ex stands to gain some market share.
Currently, Fed Ex has a hiring freeze in place, a reduction in labor hours and has announced staff cuts.
The increase in profit is said to be from lower fuel surcharges, but that is expected to change in the coming year.
