FedEx Cuts Profit Forecast on $300 Million Hit From Cyberattack
- Courier reveals financial impact of worldwide computer virus
- Hurricane Harvey, ground unit also weigh on quarterly earnings
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FedEx Corp. put a price tag on the initial impact of a worldwide cyberattack that engulfed the company’s TNT Express unit in Europe: $300 million.
The blow last quarter from lost sales, stepped-up technology investments and recovery costs forced the U.S. courier to cut its annual earnings forecast. While “substantially all” of TNT’s critical operating systems are working again, its package volume, revenue and profit trailed their levels before the intrusion, FedEx said.