Shares up more than 14% in premarket trade (Il Sole 24 Ore Radiocor) - New York, 26 Jun - FedEx shares jumped in premarket trade after the US delivery giant beat revenue and profit expectations in its fourth quarter ended May 31.

Net income for the quarter was 1.47 billion dollars, or 5.94 dollars per share, compared with 1.54 billion, or 6.05 per share, a year earlier. Adjusted earnings were 5.41 dollars per share compared to a consensus of 5.35.

Revenue in the period rose to 22.11 billion dollars, reversing six straight quarters of declines. The result was above expectations for 22.07 billion dollars.

FedEx is in the process of pursuing cost cuts of 4 billion dollars.

At 1218 GMT FedEx shares were up 14.5%.

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(RADIOCOR) 26-06-24 14:32:07 (0417) 5 NNNN