FedEx posts higher-than expected profit, will cut more capacity

FedEx reported a higher-than-expected quarterly profit on Wednesday as it cut costs and its US truck business continued to pick up steam.

Shares were up 2.3 per cent to US$101.80 Wednesday afternoon on the New York Stock Exchange while the broader S&P 500 was trading down 0.13 per cent.

The company, considered an economic bellwether because of the massive volume of goods it moves around the world, is cutting costs and jobs to adjust to higher demand for less expensive international shipping.

via Business feed http://www.scmp.com/business/companies/article/1264848/fedex-posts-higher-expected-profit-will-cut-more-capacity