Crashing freight rates leads to JB Hunt stock crashing & now Convoy is shutting down

J.B. Hunt Q3 Profit Slides 30.4% Year-Over-Year

Integrated Capacity Solutions unit saw revenue slump 48% year-over-year in Q3 to $298 million and the segment turned in an operating loss of $9.4 million, after posting a $13.4 million operating profit in the third quarter of 2022.

https://www.ttnews.com/articles/jb-hunt-earnings-q3-2023

J.B. Hunt Transport Services (JBHT) shares tumbled over 8% Wednesday after the shipping giant posted worse-than-expected results as freight prices declined.

J.B. Hunt Shares Slump After Profit and Sales Miss Forecasts as Freight Prices Fall

Digital Startup Convoy Is Winding Down Its Freight Business.
On Wednesday told employees in an email that it would stop accepting shipments until further notice and that it was rescheduling or canceling existing loads.

The company, which has been hurt by crumbling freight demand over the past year, is exploring selling off teams, software or intellectual property, according to a person familiar with the matter.

WSJ News Exclusive | Digital Startup Convoy Is Winding Down Its Freight Business

Convoy, a Seattle-based logistics startup, is winding down its core trucking marketplace and will announce large layoffs on Thursday, Axios has learned from sources familiar with the situation.

https://www.axios.com/2023/10/18/convoy-gates-bezos-layoffs-trucking


Great job guys! Keep hauling for less and less, going below operating costs and beyond!
It's working out great!