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Why is Fedex Corp (FDX) Stock down?
We've noticed a 15.23% decline in Fedex Corp (FDX) stock during the 2024-09-20 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
20 Dec, 2023:
Shares of Fedex Corp (FDX) dropped by 12.05% from $280.00 to $246.25 in the trading on Wednesday, December 20, 2023. The reason why FDX down today is due to the company's second-quarter fiscal 2024 earnings report. Although earnings improved by 25.5% year over year to $3.99 per share, it fell short of the expected $4.14 per share, causing investor concern.
- Earnings Miss and Revenues Fall Short: Despite improvements driven by the company's DRIVE program and service quality focus, revenues of $22,165 million were below expectations, declining 3% compared to the previous fiscal year's second quarter.
- Outlook for Fiscal 2024: FedEx adjusted its fiscal 2024 outlook, anticipating a low-single-digit percentage decline in revenues and an EPS range of $15.35 to $16.85, excluding accounting adjustments. The company also plans to repurchase $1 billion of common stock during fiscal 2024.
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