FEDEX has announced US$2.2 billion-$2.7 billion in cuts are in the works, plus a hefty increase in shipping rates for air and ground services in January, reports New York's MarketWatch.
'There's a time lag between the actions we can take on reducing the line-haul network. That's all it is, said CEO Raj Subramaniam.
Mr Subramaniam said recession is coming for the global economy. The CEO's pessimism came after fedex missed estimates on revenue and earnings in its first quarter.
The package delivery giant's CEO, when questioned by analysts, expressed confidence in the executive team currently in place, and said the company was prepared for the peak holiday-period shipping season even as it scales back and hikes prices.
However, he said he hadn't anticipated the
'There's a time lag between the actions we can take on reducing the line-haul network. That's all it is, said CEO Raj Subramaniam.
Mr Subramaniam said recession is coming for the global economy. The CEO's pessimism came after fedex missed estimates on revenue and earnings in its first quarter.
The package delivery giant's CEO, when questioned by analysts, expressed confidence in the executive team currently in place, and said the company was prepared for the peak holiday-period shipping season even as it scales back and hikes prices.
However, he said he hadn't anticipated the
