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FedEx Corp. reduced its profit outlook for the year through May after quarterly earnings dropped for the first time in almost three years amid reduced demand for premium shipping services.

Earnings will be $6.20 to $6.60 a share compared with a previous forecast of $6.90 to $7.40, excluding potential benefits from cost cuts that the Memphis, Tennessee-based company is reviewing. FedEx said in a statement that it will boost rates at its FedEx Express unit.

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