FedEx, the renowned package delivery giant, experienced a significant drop in its shares, plummeting over 9% in after-hours trading on Tuesday. The company revised its revenue forecast due to weaker demand, which has impacted sales. This article delves into the reasons behind this decline, analyzes the company’s financial performance, and explores the potential implications for
Business
The Red Sea has become a hotbed of attacks by Iran-backed Houthi militants, leading to significant disruptions and potential price increases in global trade. With over a dozen vessels falling victim to these attacks since the start of the Israel-Hamas war in early October, major shipping lines and oil transporters have suspended their services through
Citigroup, one of the largest banks in the United States, has announced that it will allow the majority of its employees to work remotely for the final two weeks of December. This decision comes as the company undergoes a corporate reorganization led by CEO Jane Fraser. While the remote work policy was also implemented last
General Motors’ Cruise has recently announced significant layoffs, affecting 24% of its workforce or approximately 900 employees. These layoffs primarily impact commercial operations and related corporate functions. This move comes in the wake of turmoil for the robotaxi startup, including the dismissal of key leaders due to their response to a pedestrian accident involving a
E-commerce giant Etsy has made the difficult decision to lay off 11% of its workforce, affecting approximately 225 employees. The company aims to restructure its business and streamline costs in response to a “very challenging” macro and competitive environment. Etsy CEO Josh Silverman emphasized the need for substantial changes to navigate the current realities. Etsy’s
For years, Netflix has been criticized for its lack of transparency when it comes to viewership statistics. However, the streaming giant is now taking steps to address this issue by releasing its first “What We Watched” report. This report ranks nearly all of its shows and movies based on the number of hours viewed over
In a surprising turn of events, Ford Motor has announced a significant reduction in the planned production of its highly anticipated all-electric F-150 Lightning pickup. This decision comes as a major reversal for the automaker, who had recently increased the plant capacity for the electric vehicle. The move underscores the cautious approach Ford is now
McDonald’s, the global fast-food giant, recently held its investor day where executives highlighted the company’s strength and long-term goals. While the event showcased some new targets, McDonald’s faces potential road bumps as it looks ahead to 2024. Despite setting ambitious plans for expansion, the company is confronted with an uncertain global economy and specific risks
Starbucks has announced its intention to resume contract negotiations with the union that represents its baristas. It has been two years since the first unionization of company-owned Starbucks cafes in the United States, a milestone that has seen over 360 locations vote to unionize. This accounts for approximately 4% of the company’s total US company-owned
Dollar General, the discount retailer, has been facing a series of challenges in recent times. It has been hit with steep fines for safety violations, criticized on late-night TV shows, and even faced opposition from its own shareholders. In an effort to address these issues, CEO Todd Vasos recently presented the company’s plans during an