Shares of FedEx Corp jumped 8.5% in extended trading on Tuesday after a surge in pandemic-fueled home deliveries helped the U.S. package carrier post better-than-expected quarterly profit and revenue.
) jumped 8.5% in extended trading on Tuesday after a surge in pandemic-fueled home deliveries helped the U.S. package carrier post better-than-expected quarterly profit and revenue.
Adjusted profit at Memphis-based FedEx fell by almost 50% to $663 million, or $2.53 per share, for the quarter ended May 31. Revenue slipped to $17.4 billion from $17.8 billion a year earlier. FedEx said the novel coronavirus pandemic hit virtually all of the company’s revenue and expense line items. Executives declined to provide an earnings forecast for fiscal 2020, citing the uncertain timing and pace of an economic recovery.
Business closures and the profound shift to online shopping are squeezing profits at FedEx and rival United Parcel Service Inc . Residential e-commerce deliveries are less lucrative than business deliveries because they involve far-flung addresses and fewer packages per stop.
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