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FedEx warns on profit, slashes outlook as demand slumps

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By ALEX VEIGA
AP Business Writer

FedEx Corp. is warnings that it will likely miss Wall Street’s first-quarter profit target and says it expects business conditions to further weaken in its fiscal second quarter amid weaker global volume. The package delivery company also scrapped its forecast for fiscal 2023 earnings. FedEx CEO Raj Subramaniam said macroeconomic trends significantly worsened during the June-August quarter, leading to lower shipping volumes globally. The company projects that business conditions would weaken further, hurting its fiscal second-quarter results. Shares in FedEx sank in after-hours trading.

Article Topic Follows: AP National Business

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