By Ben GlickmanShares of FedEx rose after the shipping company's first-quarter profit came in ahead of Wall Street's estimates. The stock was up 5.7% to $264.90 in after-hours trading, after rising 0.2% at Wednesday's close. The Memphis, Tenn.-based shipping company said profit rose compared to a year earlier and topped analysts' estimates, as cost-cutting measures offset a drop in shipping demand. The company also revised its full-year guidance, saying it now expects profit of $15.10 to $16.60 a share, compared with prior guidance of $15 to $17. Write to Ben Glickman at ben.glickman@wsj.com(END) Dow Jones NewswiresSeptember 20, 2023 17:40 ET (21:40 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal September 20, 2023 21:52 UTC