FedEx net income tumbles 70% to $558 million

Thursday, 23. June 2022 22:08

FedEx Corp. reported on Thursday that its revenue increased 8% in the fourth fiscal quarter of 2022 compared to the same trimester a year ago to reach $24.4 billion. The company's operating income inched up to $1.92 billion, with GAAP net income plunging as much as 70% to $558 million or $2.13 diluted earnings per share.

"Our foundational investments have set the stage for a strong fiscal 2023. As we move forward, our focus will be on revenue quality and lowering our cost to serve," Chief Executive Raj Subramaniam noted.

FedEx stock increased more than 3.5% in the after-hours trading following the earnings announcement.

Related Links: FedEx Corporation
Author:
Baha Breaking News (BBN) / ND