Labor shortage just cost FedEx $470 million. But it thinks things will get better soon
CNN
The nation's labor shortage just cost FedEx $470 million in its most recent quarter. But its executives believe the hiring situation is going to get better soon.
Although FedEx's revenue was up nearly $3 billion to $23.5 billion in the quarter ended November 30, its adjusted income was essentially unchanged. The labor shortage was the biggest single reason, the company said.
"The difficult labor market once again had the largest effect on our bottom line," said CFO Michael Lenz in comments to investors Thursday.
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