The Clap FedEx (NYSE:FDX) has raised its profit forecast for fiscal 2023 despite weak market conditions.
What FedEx forecasts profit for 2023 of $14.60 – $15.20 per share, an increase from its initial forecast of $13 – $14.
The biggest driver behind the boosted forecast is the progress made by the company in its efforts to cut $3.7 billion in costs by closing down offices, reducing travel expenses, cutting jobs, and more.
So What The company’s stock surged 11% after market hours.
Now What Despite the improved forecast, weak market conditions may continue to impact revenue and operating profit in the current quarter negatively.