AP reports:

FedEx says its fiscal third-quarter profit tumbled 75 percent as severe weakness in the global economy offset the benefit of lower fuel prices.

The Memphis, Tenn.-based company said Thursday it earned $97 million, or 31 cents per share, compared with $393 million, or $1.26 a year earlier.

Revenue fell 14 percent to $8.14 billion, from $9.44 billion.

Thomson Reuters says analysts expected profit of 46 cents per share on revenue of $8.65 billion.

To further reduce costs, FedEx plans to cut more jobs, reduce some workers’ hours and trim air and truck capacity.

Yes, FedEx promised to open the PTI hub by December, but you-know-what-happens. Airport guys Henry Isaacson and Ted Johnson can’t be thinking good thoughts after reading that.

Stay tuned.