Earnings

FedEx profit, revenue beat as pandemic drives e-commerce bounce

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A FedEx worker unloads packages from his delivery truck on March 31, 2020 in Washington, DC.

Drew Angerer | Getty Images News

U.S. delivery firm FedEx reported a bigger-than-expected quarterly profit on Tuesday, after price hikes, lower fuel costs and efficiency gains countered negative impacts associated with a pandemic-fueled surge in e-commerce shipments.

Shares in the Memphis-based company jumped 7.6% to $254.66 in extended trading.

Average daily package volume for FedEx Ground, which handles e-commerce deliveries for retailers like Walmart, jumped 31% to 11.6 million during the fiscal first quarter ended Aug. 31. Revenue per package rose 2% to $9.33 during the quarter, which also…

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Source cnbc.com

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