FedEx posts profit as online shopping boom continues
FedEx said revenue rose 30% to $22.57 billion, beating expectations.
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FedEx reported a nearly $2 billion profit in its most recent quarter, after reporting a loss the year before, helped by a surge in online shopping and the growth of its business-to-business shipping services.
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Package delivery companies like FedEx have been in high demand during the pandemic, as more people stayed home and shopped online. At the same time, FedEx has been delivering COVID-19 vaccines.
The Memphis, Tennessee-based company reported net income of $1.87 billion for the three months ending May 31, compared with a $334 million loss in the same period the year before.
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Adjusted earnings came to $5.01 per share, missing Wall Street expectations by 3 cents, according to Zacks Investment Research.
FedEx said revenue rose 30% to $22.57 billion, beating expectations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FDX | FEDEX CORP. | 301.87 | -1.54 | -0.51% |
Shares of FedEx Corp., which have more than doubled in the last year, fell 4.34% to $290.50 in after-hours trading Thursday.