LOS ANGELES: Shares of FedEx Corp jumped 8.5per cent 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.
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.FedEx executives said they are beginning to see a recovery in business-to-business shipments as they attack residential delivery costs.
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