The Memphis-based company reported adjusted net income of $663 million, or $2.53 per share, for the quarter ended May 31. That was down from an adjusted profit of $1.32 billion, or $5.01 per share, a year earlier.
Revenue slipped to $17.4 billion from $17.8 billion.
Analysts, on average, expected a profit of $1.52 per share on revenue of $16.4 billion, according to Refinitiv IBES data.
FedEx is in turnaround mode as it grapples with an unexpected flood of coronavirus-related e-commerce shipments.
FedEx shares were up $11.98 at $152.20 in extended trading.