FedEx (NYSE:FDX) recently reported earnings for its first quarter of Fiscal Year 2023. Adjusted earnings per share came in at $3.44, which missed analysts' consensus estimate of $5.14 per FDX share. In the past nine quarters, the company has beaten estimates 4 times. However, sales increased 5.45% year-over-year, with revenue hitting $23.2 billion compared to $22 billion. Still, this was lower than the $23.5 billion that analysts were looking for. This can be attributed to muted demand in global shipments, weakness in Asia and Europe, as well as high operating expenses. In addition, the company demonstrated operating deleverage since it fell despite higher revenue.
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