FedEx reported third-quarter earnings, surpassing Wall Street's profit expectations but falling slightly short on revenue forecasts. The company announced a third-quarter adjusted EPS of $3.86, beating the estimated $3.46, with revenue at $21.7 billion against an expected $22.05 billion. Additionally, FedEx has authorized a new $5 billion share repurchase program, adding to the existing $0.6 billion remaining from the 2021 authorization and plans a $500 million buyback in the fourth quarter as a cost-cutting benefit. This move comes as part of FedEx's efforts to boost profitability amidst a challenging demand environment, including a decline in demand from its largest customer, the U.S. Postal Service, and a low-single-digit percentage decline in revenue Y/Y for 2024. The company also narrowed its full-year earnings forecast, now expecting adjusted EPS to be between $17.25 and $18.25. The positive earnings report and the announcement of the buyback program led to a significant increase in FedEx's stock price, with shares jumping over 10% in after-hours trading.