FedEx shares surged afterhours after the company reported earnings that beat estimates.

Closing Bell

FedEx Shares Jump Afterhours After Beating Estimates

Fedex results crossing the tape to stop jumping in the after hours. Adding to the green that we've seen on the screen. Fedex shares up 9% in the after hours earnings per share blowing past expectations at $3.41. The estimate was $2.73 revenue coming in at 22 billion. Basically in line with the estimate of 22.6 seven billion. It was a hair light but I would say that that was basically in line and enough obviously to appease investors. So the company also increasing its earnings forecast for the full year. It's been embarking on a cost cutting plan that clearly paid off in this latest quarter as well. The company saying it continued to move with urgency to improve efficiency and its cost actions are taking hold these latest results. They were negatively affected by continued demand weakness especially at Fedex Express operating income negatively impacted by the effects of global inflation. Of course, maybe a little bit of a slowdown in spending. But the company it's drive thru thru it's drive program expects to achieve more than $4 billion in annualized structural cost reductions by the end of 2025. So again, um investors liking this, this is what they want to hear, especially in this environment that a company can effectively cut costs to boost the bottom line. So a very strong report um and a very positive stock reaction in the wake of the news.