2023-03-17 11:42:45 ET
FedEx (NYSE: FDX) reported quarterly earnings that came in well ahead of expectations, and boosted its full-year guidance. Investors are glad that the company delivered, sending shares of FedEx up as much as 10% on Friday.
FedEx was one of the first major companies to issue a warning about the economy last fall. The company's shares plunged in September after FedEx missed on earnings and said it had seen market conditions deteriorate rapidly.
The transportation giant at the time promised to make adjustments to its cost base that it said should help it perform better in the current environment. On Thursday, after markets closed, FedEx posted results that indicate it has had success in those efforts.
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Why FedEx Stock Is in the Fast Lane Today