#FedEx posts profit as online shopping boom continues

FedEx reported a nearly $2 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 $1.87 billion for the three months ending May 31, compared with a $334 million loss in the same period the year before.

Adjusted earnings came to $5.01 per share, missing Wall Street expectations by 3 cents, according to Zacks Investment Research.

FedEx said revenue rose 30 percent to $22.57 billion, beating expectations.

Shares of FedEx Corp., which have more than doubled in the last year, were down 3.7 percent, to $291.67, Friday afternoon.