FedEx hikes package rates

FedEx hikes package rates, details cost cutting as demand weakens globally

The company said that its Express, Ground and Home Delivery rates will increase by an average of 6.9%.

For its fiscal 2023, the company expects total cost savings of $2.2 billion to $2.27 billion.

Last week, the company’s stock sank after it posted preliminary revenue and earnings that fell short of Wall Street expectations.…