BUSINESS BRIEFING / SHIPPING
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TIMES WIRE REPORTS
FedEx Corp. lost more money last quarter as customers downsized shipments and the company took more than $1 billion in one-time charges.
The Memphis, Tenn., company said it lost $876 million, or $2.82 a share, in the quarter that ended in May. Excluding one-time charges, it earned 64 cents a share. It lost $241 million, or 78 cents, a year earlier.
Revenue fell 20% to $7.85 billion.
FedEx shares fell 72 cents, or 1.4%, to $50.70.
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