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FedEx's aggressive cost cuts are beating weaker demand in battle for investor sentiment

Earnings Results Last Updated: March 16, 2023 at 7:34 p.m. ET First Published: March 16, 2023 at 4:52 p.m. ET ‘Our cost actions are taking hold, driving an improved outlook for the current fiscal year,’ CEO says FedEx in recent months has tried to cut billions in costs, following waning demand. Getty Images Package deliverer
Financial Press

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Earnings Results

‘Our cost actions are taking hold, driving an improved outlook for the current fiscal year,’ CEO says

FedEx in recent months has tried to cut billions in costs, following waning demand.

Getty Images

Package deliverer FedEx Corp. is targeting more than $4 billion in cost cuts in the months ahead. But investors, after pummeling the stock in September, catapulted it higher in after-hours trade on Thursday, as those efforts to slash expenses and keep prices higher start to make their way into financials despite continued weakness in shipping demand.

Chief Executive Raj Subramaniam said on the company’s third-quarter earnings call late Thursday that FedEx FDX had saved $1.2 billion year over year in that quarter. He also…

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