FedEx profit, revenue beat as pandemic drives e-commerce bounce


A FedEx worker unloads packages from his delivery truck on March 31, 2020 in Washington, DC.

Drew Angerer | Getty Images News

U.S. delivery firm FedEx reported a bigger-than-expected quarterly profit on Tuesday, after price hikes, lower fuel costs and efficiency gains countered negative impacts associated with a pandemic-fueled surge in e-commerce shipments.

Shares in the Memphis-based company jumped 7.6% to $254.66 in extended trading.

Average daily package volume for FedEx Ground, which handles e-commerce deliveries for retailers like Walmart, jumped 31% to 11.6 million during the fiscal first quarter ended Aug. 31. Revenue per package rose 2% to $9.33 during the quarter, which also…

Source cnbc.com

Mortgage demand fell last week as interest rates stalled

Previous article

This will be the biggest year ever for software IPOs as coronavirus and work-from-home show value

Next article

You may also like

Leave a Reply

Notify of

More in Earnings