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Shares rose 2.5% to $168.49 in extended trading.
Memphis, Tennessee-based FedEx (NYSE:FDX) said adjusted profit fell to $815 million, or $3.18 per share, from $1.3 billion, or $4.83 per share, for the fiscal second quarter ended Nov. 30 compared to the same period a year previous.
Per-share earnings beat analysts’ estimates by 36 cents per share, according to Refinitiv I/B/E/S Estimates, while revenue came in $22.8 billion – below their target of $23.74 billion.
With the expense reductions, FedEx now expects fiscal 2023 cost savings of $3.7 billion.
