FedEx Q4 revenue at $21.9bn, ends fiscal 2023 with $90.2bn revenue

FedEx reported a 10 percent decline in fourth quarter revenue at $21.9 billion compared to $24.4 billion in Q42022. Adjusted net income declined to $1.25 billion from $1.8 billion in Q42022, says an official release. "FedEx Express operating results declined due to lower global volumes, partially offset by decreased expenses and higher U.S. domestic yields. FedEx Express continues to implement volume-related and structural cost-reduction actions, including further reductions in flight hours and the early retirement of certain aircraft and related assets, to mitigate the negative effect of ongoing demand weakness.