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FedEx closing offices and reducing flights
Posted on 9/15/22 at 7:48 pm
Posted on 9/15/22 at 7:48 pm
Looks like people are opting to feed their families instead of ordering cheap Chinese crap from Amazon
FedEx issues ominous warning about the global economy, shares tumble
Remember when we were told inflation was only transitionary?
FedEx issues ominous warning about the global economy, shares tumble
quote:
FedEx (FDX) withdrew its full year earnings guidance and reported preliminary first quarter results that fell short of Wall Street estimates, sending shares tumbling in extended trading on Thursday.
"Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S." FedEx CEO Raj Subramaniam warned in the release. "We are swiftly addressing these headwinds, but given the speed at which conditions shifted, first quarter results are below our expectations."
quote:
Cost-cutting measures outlined by FedEx include reducing flights, temporarily parking aircraft, closing more than 90 FedEx office locations, and deferring hiring plans.
“We are aggressively accelerating cost reduction efforts and evaluating additional measures to enhance productivity, reduce variable costs, and implement structural cost-reduction initiatives," Subramaniam added.
Adjusted earnings for the company's fiscal first quarter were $3.44 per share, missing Wall Street’s estimate of $5.10, on revenue of $23.2 billion. Back in June, the company said it expected full-year earnings per share to fall in a range of $22.50-$24.50.
The preliminary results from FedEx, which is viewed as a bellwether for the global economy, sent shares of UPS (UPS) and Amazon (AMZN) lower in after hours trading; UPS shares lost more than 5% while Amazon was down around 2% late Thursday.
Remember when we were told inflation was only transitionary?
16
Posted on 9/15/22 at 7:49 pm to stout
Let’s Go Brandon
Posted on 9/15/22 at 7:50 pm to stout
Amazon has their own planes. They basically cut out fedex and UPS unless they have too much business and need help with overflow
Posted on 9/15/22 at 7:52 pm to stout
Enjoy things while they're still easy, y'all.
We have a long time of extreme changes coming.
Do not vote for politicians that make themselves rich in office.
We have a long time of extreme changes coming.
Do not vote for politicians that make themselves rich in office.
Posted on 9/15/22 at 7:56 pm to stout
Amazon is kicking that FedEx arse.
Not only do they charge their vendors for selling on their platform they charge them to use their shipping network and are probably picking up money from them with AWS too...
Also lots of other retailers are starting to get their own delivery drivers. We had a Sams Club order delivered in a Walmart van, I talked to the driver, he was an older guy who works 40 a week driving orders just like the one I got. He had a nice new walmart van.
Not only do they charge their vendors for selling on their platform they charge them to use their shipping network and are probably picking up money from them with AWS too...
Also lots of other retailers are starting to get their own delivery drivers. We had a Sams Club order delivered in a Walmart van, I talked to the driver, he was an older guy who works 40 a week driving orders just like the one I got. He had a nice new walmart van.
Posted on 9/15/22 at 7:56 pm to stout
I have no doubt people are ordering fewer things as the economy steadily worsens. But perhaps a lesser but still significant reason for FedEx’s lower earnings is they are shite at delivering packages, which I think is a major part of their business. At least in the DC metro, they are the worst of the big three by far.
Posted on 9/15/22 at 7:57 pm to stout
quote:
FedEx closing offices and reducing flights
Bidens* America
Posted on 9/15/22 at 7:58 pm to stout
Where I live, FedEx service sucks in the neighborhood.
That might have something to do with their problems.
That might have something to do with their problems.
Posted on 9/15/22 at 8:02 pm to broadhead
quote:I've done my part by cutting out Amazon completely - cancelled the subscription and threw my kindles in the trash. I've gone back to in-store retail or buying direct from online merchants instead of using Amazon, and picked up a library card again as well as Thriftbooks.com instead of Bozos service. I don't shop at Whole Foods, instead opting to pay a little more to shop at the locally owned grocery stores (Rouses, Jubilee, etc for us east st tammany folk). I really was suckered into the Amazon wormhole and dug myself out. I realize people don't have the patience for that anymore and I'm not trying to push it on anyone, but I really needed to get away from that company and support local retail again.
Amazon has their own planes. They basically cut out fedex and UPS unless they have too much business and need help with overflow
This post was edited on 9/15/22 at 8:12 pm
Posted on 9/15/22 at 8:05 pm to stout
quote:
ordering cheap Chinese crap from Amazon
There that is again. No matter how many times you all say it, it doesn't make it true.
Posted on 9/15/22 at 8:08 pm to m2pro
quote:
Do not vote for politicians that make themselves rich in office.
So, you're saying not to vote.
Every single one of them, even that Communist fellow Bernie, get rich off of their positions.
Posted on 9/15/22 at 8:15 pm to armsdealer
quote:
Amazon is kicking that FedEx arse.
It’s bc they sub contract out all of their long haul shipping.from planes to 18 wheelers between major hubs.Unlike Walmart/Sams club when employs there own for freight hauling.
Posted on 9/15/22 at 8:16 pm to Horsemeat
quote:
I've done my part by cutting out Amazon completely - cancelled the subscription and threw my kindles in the trash. I've gone back to in-store retail or buying direct from online merchants instead of using Amazon
Here’s my story on that recently. I needed parts for a couple bi fold doors, I replaced the carpet with tile floors and the old parts just needed replaced while I adjusted the doors.
Anyway…I ordered direct from Johnson door parts and it took them over a week to get my delivery information to me. I said Frick it and ordered the same part off Amazon. Amazon parts came in 3-4 days. Johnson parts, that I ordered a week prior to Amazon, came 6 days after my Amazon parts.
I don’t love Amazon, I get it. And I try to support local also. But they do some things extremely well and efficient, and sometimes that fricking matters. Pisses me off when you order direct and they can’t get their shite together to send it in 2-3 days. I don’t need it in 3 days, but get it shipped in 2-3 so I get it in 5-7 days max.
Posted on 9/15/22 at 8:16 pm to LegendInMyMind
quote:
Every single one of them, even that Communist fellow Bernie, get rich off of their positions.
That’s definitely common ground for both parties, and independents too. At one time, being a politician meant serving your community, but those days are gone. Ask not what you can do for your country, ask what can you steal during your term.
Posted on 9/15/22 at 8:17 pm to EthicalHedonist
quote:
but still significant reason for FedEx’s lower earnings is they are shite at delivering packages
Ding ding ding ding ding
I have two separate packages this week that have been "rerouted due to an incorrect address" when mine hasn't changed. UPS and even some other FedEx boxes have managed to make it to my house.
Posted on 9/15/22 at 8:17 pm to stout
They suck azz anyway.
Posted on 9/15/22 at 8:17 pm to stout
FedEx lost my insurance check after hurricane Laura which put me way behind waiting for another check. Then it showed up at my house 4 months later!
Posted on 9/15/22 at 8:18 pm to stout
Everyone that's saying Amazon is causing this, FedEx came out with an earnings forecast in late June that said their business was pretty solid. It's completely gone to shite in 3 months. This isn't them losing some long term contract.
This post was edited on 9/15/22 at 8:20 pm
Posted on 9/15/22 at 8:18 pm to LegendInMyMind
quote:
Every single one of them, even that Communist fellow Bernie, get rich off of their positions.
Exactly. There isn’t a single fricking politician in Washington who represents the average American.
Posted on 9/15/22 at 8:19 pm to LegendInMyMind
quote:
Every single one of them, even that Communist fellow Bernie, get rich off of their positions.
Trump lost $2.5BB while in office. Half his net worth.
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