- News & education
The World’s second largest courier company, FedEx Corporation (NYSE: FDX), released its latest financial results for second quarter of fiscal year 2024 after the market closed in the US on Tuesday.
The US company fell short of estimates for both revenue and earnings per share (EPS) for the quarter.
Revenue reached $22.2 billion vs. $22.356 billion expected. Revenue was down by 2.6% vs. the same period a year prior.
EPS reported at $3.99 per share (up by 25.47% year-over-year) vs. $4.194 per share estimate.
‘FedEx has delivered an unprecedented two consecutive quarters of operating income growth and margin expansion even with lower revenue, clear evidence of the progress we are making on our transformation as we navigate an uncertain demand environment,” Raj Subramaniam, CEO of FedEx, said in a press release.
‘We are moving with speed to make our network more efficient while delivering outstanding service to our customers through the peak season with the fastest Ground network in the industry. I am confident in our strategy as we make our global network more flexible, efficient, and intelligent,’ Subramaniam concluded.
Shares were down by 0.68% at the end of trading on Tuesday at $280 a share.
The stock price plummeted by around 7% in the after-hours trading as results were announced.
FedEx stock price targets
FedEx Corporation is the 231st largest company in the world with a market cap of $70.39 billion.
You can trade FedEx Corporation (NYSE: FDX) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD.
GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.
Why trade during extended hours?
Sources: FedEx Corporation, TradingView, MarketWatch, Benzinga, CompaniesMarketCap
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.