Wall Street

FedEx needs to deliver on cost-cut plan as investor patience wanes -analysts

Published by
Reuters

By Kannaki Deka (Reuters) -FedEx Corp’s new chief executive needs to show he can deliver on the promise of implementing aggressive cost cuts, Wall Street analysts said on Friday, after the company laid out plans to slash up to $2.7 billion in expenses for fiscal 2023. The parcel delivery giant’s plan on Thursday comes after its first-quarter profit was hammered by falling demand in its biggest unit amid a darkening economic picture. Although analysts largely supported CEO Raj Subramaniam’s plan, they were skeptical of its execution after a series of recent missteps at the company and said the …

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