So FedEx’s (NYSE:FDX) CEO was just on CNBC with Jim Cramer, and he says some things that sent the stock completely collapsing after hours.
I think it went down 15% initially, and now it’s even worse.
The CEO said that he believes there’s going to be a global recession that’s going to get worse from what we’re technically seeing right now in the US.
FedEx Cuts Costs After Posting Bleak Preliminary Earnings
And this comes after the company reported horrible numbers a quarter ago.
They missed on earnings per share and on revenue, and they also withdrew guidance, which is never good.
And the CEO said, “The loss in volume is continuing.”
Every single week since June, when they had their investor day, FedEx (NYSE:FDX) has been losing volume slowly but surely. And they’re doing everything they can to combat that right now.
They’re reducing cost. They’re enhancing productivity, but the company is still going through pain right now.
And the stock, like I said, was down 15% after market hours. Now, when I’m filming this, it is down over 23%. So this is bad.
What do you guys think? Follow along for more.