According to the search results, FedEx has undergone some changes and is facing some challenges. In April 2023, FedEx announced that it would consolidate its operating companies into one organization, creating a single company operating a unified, fully integrated air-ground network under the respected FedEx brand. This phased transition is expected to be fully implemented in June 2024. However, in September 2022, FedExs stock price sank by more than 20%, and some of its rivals, including UPS and XPO Logistics, also lost ground. The company processed fewer packages than expected, and its preliminary results for the latest quarter fell well short of Wall Street’s expectations. FedEx also flagged weakness in Asia and challenges in Europe as it pulled its prior outlook. The company is taking significant steps to get back on track, such as taking some of its aircraft out of service, scaling back Sunday delivery, closing almost 100 retail locations, and pressing pause on hiring until the economic uncertainty around the world clears up.