FedEx Grounds More Aircraft To Cuts Costs by $4B

FedEx ($FDX@US) has reported its third quarterly revenue drop due to weakened demand following the pandemic boom. The company plans to reduce costs by cutting flights and grounding more aircraft, as well as combining its Express and Ground delivery networks. The company hopes these moves will cut approximately $4 billion in costs over the next two years. Despite missing revenue expectations, FedEx's adjusted per-share earnings of $4.94 beat analyst estimates. Looking ahead, the company is projecting low single-digit revenue growth and per-share earnings between $16.50 and $18.50 on an adjusted basis. Shares have gained more than 30% this year.