U.S. package delivery company FedEx suspended its 2020 profit outlook on Tuesday, citing the “significant impact” of the coronavirus, and said it would cut costs due to the uncertainty wrought by the pandemic.
Even so, the company reported quarterly revenue that beat market expectations as more businesses turned to its international express plane service to safeguard their supply chains as COVID-19 illnesses and deaths mount around the world.
Shares in FedEx surged as much as 5% before falling 0.5% to $94.50 in after-the-bell trading.
A woman walks past FedEx Corp. Ground vehicle parked in the Midtown neighborhood of New York, U.S., on Friday, Dec. 4, 2015.
John Taggart | Bloomberg | Getty…