FedEx has announced that it would cut more in costs after weak demand ate into its quarterly profit. The company in September announced cost-cutting measures that included parking planes and closing some offices in the face of softening global demand. It also raised package-delivery rates. On Tuesday it said it will be able to cut another $1 billion beyond what it forecast in September, to bring the total fiscal 2023 savings to $3.7 billion compared with its earlier plan for the year.

Second quarter results were constrained by continued demand weakness, particularly at its FedEx Express unit. FedEx Express operating income declined 64% year-over-year due to lower global volumes, partially offset by an 8% package yield increase. FedEx’s net income fell to $788 million in the three months that ended Nov. 30, down from $1.04 billion a year earlier. Sales fell to $22.8 billion in that period, down from $23.5 billion a year earlier, falling short of estimates.

FedEx forecasted full-year earnings per share of between $13 and $14, was just shy of analysts’ expectations of $14.08 per share. The company’s shares are down about 36% for the year as of Tuesday’s close, compared with the S&P 500′s roughly 20% decline.