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Tuesday, September 27, 2022
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    FedEx posts profit as online shopping boom continues

    NEW YORK (AP) — FedEx reported a nearly USD2 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.

    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 USD1.87 billion for the three months ending May 31, compared with a USD334 million loss in the same period the year before.

    Adjusted earnings came to USD5.01 per share, missing Wall Street expectations by three cents, according to Zacks Investment Research.

    FedEx said revenue rose 30 per cent to USD22.57 billion, beating expectations.

    Shares of FedEx Corp, which have more than doubled in the last year, fell 4.34 per cent to USD290.50 in after-hours trading on Thursday.

    A FedEx driver delivers a cart of packages in New York. PHOTO: AP
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