Growing trade tensions continue to be bad news for FedEx. The delivery company posted weak results and warned of more trouble ahead. Shares fell 5% in after-hours trading.
The delivery company on Tuesday posted weak results and warned of more trouble ahead. Shares fell 5% in after-hours trading.FedEx reported net income in the most recent quarter of $797 million — more than a 20% drop compared to a year earlier. The company added that its earnings will also be lower for the full fiscal year, which ends in May. This quarter's revenue fell short of expectations, too.
Read MoreWhen FedEx first flagged trade as a problem three months ago, it announced plans for voluntary buyouts, along with limits on new hires and discretionary spending. Shares of FedEx took a 12% hit at the time, but the company had recovered most of those losses before the latest report. Graf said Tuesday that FedEx is"reviewing additional actions to mitigate the lower-than-expected revenue trends."FedEx was also hurt because of higher costs for the trucks it hires to move freight.
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