Revenue of about $22.2 billion marked a slight year over year decrease from $23.6 billion during the fiscal third quarter of 2022.
FedEx reported net income of $771 million for the period, down from $1.11 billion during the same quarter a year earlier. Adjusting for one-time items, FedEx posted per-share earnings of $3.41, which beat estimates but marked a dramatic year over year decline from the $4.59 per share it reported for the same period last year.
The company reiterated Thursday it is expecting to make more than $4 billion in cost reductions by the end of fiscal year 2025. "We've continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year," CEO Raj Subramaniam said in an earnings release.of its officers and directors as part of its wide-sweeping plan reduce costs while consumer demand cools.
Employees dropping like flies. FedEx has failed to remain competitive in wages and no longer attracts a high level of applicants. They have become what they used to mock. fedex peopleserviceprofit- nope.
Does their cost cutting include .y shipments being delayed 50% of the time? I can't be the only one that this happens to, no issues with UPS so that's the only carrier I'd buy.
Buybacks**