by The Chicago Times Staff
June 25, 2021
MEMPHIS, TN — FedEx made an almost $2 billion profit in the most recent quarter, after losing the previous year, thanks to an increase in online shopping and the expansion of its business-to-business shipping services.
During the epidemic, package delivery businesses like FedEx were in great demand as more people stayed at home and shopped online. FedEx has been distributing COVID-19 vaccines at the same time.
The Memphis, Tennessee-based corporation reported $1.87 billion in net income for the three months ended May 31, compared to a $334 million loss the year before.
FedEx reported a 30 percent increase in revenue to $22.57 billion, exceeding expectations.
FedEx Corp. shares plummeted 4.34 percent to $290.50 in after-hours trading Thursday, after more than doubling in the previous year.