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FedEx shares jump after hours as massive cost-cutting measures kick in

FedEx shares soared more than 15% after hours Tuesday after the company reported results that topped analysts' estimates in both earnings and revenue.

Here's how the company did in its fiscal fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

The company reported net income for the three-month period that ended May 31 of $1.47 billion, or $5.94 per share, compared with $1.54 billion, or $6.05 per share, a year earlier.

Revenue rose to $22.1 billion, up slightly from $21.9 billion a year earlier. For the full fiscal year, revenue was $87.7 billion, down from $90.2 billion.

FedEx reported that capital spending for fiscal 2024 was $5.2 billion, down 16% from $6.2 billion in fiscal 2023 and less than the $5.7 billion it forecasted in its fiscal 2024 guidance last year.

For fiscal 2025, the company said it expects low to mid-single-digit revenue growth year over year, driven in large part by e-commerce and low-inventory levels, FedEx Chief Customer Officer Brie Carere said on the company's earnings call.

"We think e-commerce is going to outpace the B2B growth," Carere said. "We like the fundamentals from an e-commerce perspective that will help us here in the United States and around the world."

The capital spending decline comes as the company amps up its cost-cutting measures as part of a sweeping commitment to cut $4 billion by the end of fiscal 2025.

Following weak freight demand, FedEx enacted its DRIVE transformation program to cut costs and consolidate the business.

"DRIVE continues to change the way we work at FedEx. We achieved our target of $1.8 billion in structural costs out in fiscal year '24," CEO Raj Subramaniam said on the call.

Subramaniam said the company is firmly