There's a dramatic difference between struggling in the stock market, and actually struggling.

Earning's misses definitely not great for the stock market, but big scheme of things, profit margin still about 5%. It's just that the stock market wants it to be higher.
Still means FedEx has been profitable every year I've been here. FedEx even instituted a dividend payment in the fall of 2001. So, yes, as everyone else was laying people off. FedEx was profitable enough to start paying a dividend for the first time ever.

UPS makes more money than FedEx due to the higher margins and greater shipping totals. Only One UPS truck drives through every neighborhood every day while an Express Truck often makes two passes and there's a Ground truck and maybe a Home delivery truck...oh, an USPS finishes off some FedEx deliveries too.

Been a while since I ran the numbers. But at one time FedEx had roughly the same number of Capt's on the Seniority list as UPS had total pilots.