Again, that’s on almost $50B in revenue, around 2% net income. Think about if you had a business, if you had $50,000 in revenue, would you consider your profitability healthy and acceptable if your net income $1,000? That is exactly what was going on pre Covid, barely breaking even. Fedex needs to find ways to improve financial churn, not just by cutting costs without addressing the operational and business decisions that will make the company better. The strategy over the last decade or so has been to chase revenue at any cost, they did good by shedding Amazon, but have not made significant improvements otherwise.