FedEx said on Thursday that it would cut 1,700 jobs in its United States freight business to offset losses in that unit.

The news came as the company announced that its first-quarter net income doubled, helped by strength in international shipping, and raised its financial outlook.

But projections for the second quarter and full year fell shy of Wall Street expectations. FedEx shares dropped 3.8 percent, or $3.22, to $82.72 on the New York Stock Exchange.

International air shipments have driven FedEx’s results for more than a year; international revenue rose 24 percent in the quarter ended Aug. 31. But while FedEx earned $380 million in the first quarter, the FedEx Freight segment lost $16 million and has been unprofitable for four straight quarters.