FedEx outlined plans to park planes, suspend some Sunday deliveries, and shut corporate offices after falling demand impacted its first-quarter profits and prompted the company to withdraw its forecast last week. 

FedEx also said it plans to raise shipping rates by an average of 6.9% across most of its services starting in January to cope with the global slowdown. The average number of packages FedEx handled daily for the quarter fell 11% from a year ago. Fuel surcharges helped offset the lower package volume, however operating expenses weighed on profit margins.

The company reported that its earnings per share (EPS) fell 21% for the quarter. It blamed the rapidly deteriorating global economy. The company said it expects the steps it is taking will boost cost savings by between $2.2 billion and $2.7 billion in fiscal 2023.

FedEx (FDX) shares are down 3% in pre-market trading, and have lost 40% of their value so far this year.