UPS foresees ‘mild recession’ in 2023 and posts first revenue decline since the 2008 financial crisis
Shares of United Parcel Service Inc. rallied Tuesday, even after the package-delivery giant reported a surprise decline in fourth-quarter revenue, missing Wall Street expectations for the first time in 12 quarters, and warned of the first yearly decline in revenue in 14 years. Investors expressed relief, however, as UPS beat fourth-quarter profit expectations, raised its […]
FedEx stock tanks after company withdraws outlook, says year is about to get worse
FedEx Corp. shares fell nearly 17% in the extended session Thursday after the logistics company pulled its outlook for the year, called for significantly lower quarterly profit and lower revenue, and said that fiscal 2023 is about to become worse. FedEx FDX, -0.07% said fiscal first quarter was hit by lower volumes globally, a trend […]