Shares in the Memphis-based delivery giant tumbled almost 11 percent to $267.74 in after-hours trading, dragging shares in rival United Parcel Service down 2.5 percent.
The shift to less-profitable packages is squeezing profits at FedEx and UPS. While the latter pinned the blame on a flood of volume from China-linked e-commerce players that Reuters identified as Temu and Shein, FedEx pointed to a drop in priority shipments between businesses.
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