FedEx shares jump after hours as massive cost-cutting measures kick in

FedEx saw its shares surge over 15% in after-hours trading on Tuesday following a strong fiscal fourth-quarter earnings report that exceeded analysts’ expectations.

In the quarter ending May 31, the company reported a net income of $1.47 billion, or $5.94 per share, compared to $1.54 billion, or $6.05 per share, in the same period last year.

Revenue for the quarter rose slightly to $22.1 billion from $21.9 billion a year ago. However, for the full fiscal year, revenue declined to $87.7 billion from $90.2 billion.

FedEx also noted a decrease in capital spending for fiscal 2024, amounting to $5.2 billion, down 16% from $6.2 billion in fiscal 2023 and lower than the $5.7 billion initially projected for fiscal 2024, CNBC has reported.

read more: https://www.cnbc.com/2024/06/25/fedex-fdx-earnings-q4-2024.html

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