More people are switching to slower delivery options to save money, and profits at FedEx Corp. and UPS Inc. are getting squeezed.

FedEx Corp. cut the top end of its full-year profit outlook and reported quarterly earnings below expectations on softer demand for package deliveries.

FedEx and UPS warned of potential delays in package deliveries as the couriers grapple with the impact of a massive IT failure that is upending markets and crippling companies globally.

UPS Inc. named a company veteran to be its new chief financial officer after the parcel giant’s former finance leader left the company last month to focus on his health.

FedEx Corp. forecast profit above Wall Street’s expectations and said it would buy back $2.5 billion of its stock over the next year.

FedEx Corp. plans to cut as many as 2,000 jobs in Europe, the latest move by the package delivery giant to streamline its global workforce and rein in costs.