NEW YORK — FedEx said Tuesday that its profit fell 40% in its most recent quarter, hurt by higher costs, a shorter holiday shipping season and its move to cut ties with online shopping giant Amazon.

The package delivery company also cut its earnings expectations for the year. Its stock tumbled almost 7% in after-hours trading Tuesday.

Fred Smith, the company’s CEO, called the current fiscal year one “of continued significant challenges and changes for FedEx.”

Smith said the fiscal second quarter was an “anomaly” because of the shorter holiday season. Thanksgiving this year was six days later than last year, making it the shortest stretch between Thanksgiving and Christmas since 2013. Fed-Ex said it needed more drivers and package handlers to deliver packages faster, increasing costs. It also pushed Cyber Monday, the busy online shopping day, into the company’s fiscal third quarter.

FedEx’s relationship with Amazon has soured recently as the online retailer builds its own delivery fleet that is threatening traditional delivery companies.

Ford to add 3,000 jobs in Detroit area, invest $1.45 billion

DETROIT — Ford Motor Co. is adding 3,000 jobs at two factories in the Detroit area and investing $1.45 billion to build new pickup trucks, SUVs, and electric and autonomous vehicles.

The company said Tuesday that about $750 million will go the Michigan Assembly Plant in the Detroit suburb of Wayne, where 2,700 jobs will be added during the next three years.

Another $700 million will be invested in the truck plant in Dearborn, Michigan, where 300 new jobs will be added.

Hiring will begin next year.

The large investment comes as the U.S. new vehicle sales cycle has peaked and appears to be leveling off around 17 million vehicles per year. But Ford needs to make the investment in new products in an effort to increase market share and prepare for a shift to new propulsion and autonomous vehicle technologies.

The Wayne plant investment will used to build the new Ford Bronco SUV, as well as an all-new Ranger small pickup truck. Investment at the plant also result in a new center to modify and support autonomous and other vehicles.

More jobs posted in October in sign of solid economy

WASHINGTON — The number of available jobs jumped in October after hitting an 18-month low the previous month, a sign the job market remains strong.

The Labor Department said Tuesday that the number of available positions rose 3.3% to nearly 7.3 million. That suggests that businesses remain confident enough in the economic outlook to create more jobs.

The figures provide the latest evidence that employers have largely shrugged off the uncertainties surrounding the U.S.-China trade war and slowing global growth. While the number of open jobs has declined from a record high of 7.6 million a year ago, they are still at a historically high level. For nearly a year and a half there have been more job postings than unemployed people.

By Associated Press