FedEx is in damage control mode

FedEx is pretty sure they won't be delivering business anymore, at least not in the form it's in.

The logistics behemoth's revenue for the quarter ended August 31 fell well short of expectations.

So concerned by the downward trend, it withdrew its full-year financial guidance

FedEx attributed the weak performance to "global volume softness," independent contractors feared

Pointing to a slowdown in deliveries after the pandemic-induced online ordering frenzy stops.

The Tennessee-headquartered company is cutting back on hiring and closing 90 office locations to make up for the shortfall

Some are parking cargo planes, curtailing Sunday ground operations

Five corporate offices are closing, CEO Raj Subramaniam said.

A revenue shortfall of about $500 million due to FedEx's service challenges in Europe