FedEx results top targets on cost-cutting, shares jump 5.5% after the bell

FedEx reported quarterly profit and revenue above Wall Street estimates, as cost-cutting and strength in domestic deliveries helped offset weaker international volumes after the US ended tariff exemptions on low-value, direct-to-consumer shipments. Shares of Memphis-based FedEx climbed 5.5% in extended trading on Thursday after surprising Wall Street. Analysts had expected profit per share to fall due to the end of "de minimis" exemptions, which allowed shipments valued under $800 to enter the US duty-free. While total international average daily export volume fell 3%, overall average daily volume including domestic parcels rose 4% for the quarter, and revenue per package increased by 2%. FedEx has been working on slashing billions of dollars in operating costs by parking planes, closing facilities and...