U.S. delivery firm FedEx Corp. posted a 7 percent drop in quarterly profit and cut its full-year forecast on Tuesday, after labor shortages crimped earnings, slowed packages and drove up costs ahead of the all-important holiday peak season.
Shares in the Memphis, Tennessee-based company fell 4.6 percent to $240.50 in extended trading after FedEx said staffing problems resulted in a $450 million year-over-year increase in costs due to higher wage rates and overtime, increased spending on third-party transportation services and shipping hiccups.
