FedEx shares soar almost 9% as home delivery boosts results By Reuters

© Reuters. A Federal Express truck on delivery is pictured in downtown Los Angeles

LOS ANGELES (Reuters) – Shares of FedEx Corp (N:) jumped 8.5% in extended trading on Tuesday after a surge in pandemic-fueled home deliveries helped the U.S. package delivery company beat Wall Street’s quarterly profit and revenue targets.

The Memphis-based company reported adjusted net income of $663 million, or $2.53 per share, for the quarter ended May 31. That was down from an adjusted profit of $1.32 billion, or $5.01 per share, a year earlier.

Revenue slipped to $17.4 billion from $17.8 billion.

Analysts, on average, expected a profit of $1.52 per share on revenue of $16.4 billion, according to Refinitiv IBES data.

FedEx is in turnaround mode as it grapples with an unexpected flood of coronavirus-related e-commerce shipments.

FedEx shares were up $11.98 at $152.20 in extended trading.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.