What the numbers say: FedEx saw a slight dip in its revenue YoY, going from $24.3B to $21.9B. Following the COVID-19 pandemic, FedEx saw its revenue skyrocket in 2021 and grow again in 2022. But the following year's Q4, the numbers went down. Relevance: FedEx announced its Q4 2023 earnings yesterday and suffered in the stock market from a weak fiscal year outlook. The company had seen a 34% rise in shares prior to the earnings announcement but experienced a 3% drop in premarket trading on Wednesday. FedEx Corp. president and CEO Raj Subramaniam highlighted that the team was adapting to a more global focus, saying, "The solid close to the fiscal year demonstrates the significant progress Team FedEx has made in advancing our global transformation while adapting to the dynamic demand environment." Other data: Rival company UPS also saw a decline in revenue from 2022 to 2023, showing that the shipping service companies are on a similar path. UPS went from $24.3B in Q1 2022 to $22.9B in Q1 2023. |
