FedEx on Thursday withdrew its full-year guidance and announced significant cost-cutting measures following what it called softness in global volume of shipments.
“Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.,” CEO Raj Subramaniam said in the release. “While this performance is disappointing, we are aggressively accelerating cost reduction efforts.”
In an interview with CNBC’s Jim Cramer on Mad Money, Subramaniam said he was “very disappointed in the results that we just announced here, and you know, the headline really is the macro situation that we’re facing,”
As part of these cost-cutting initiatives,…