NEW YORK (AP) — FedEx’s profit jumped 67% in its latest quarter, as online shopping remained popular among customers avoiding stores and shipments between businesses improved.
The delivery giant reported Tuesday that it earned $1.25 billion during the three months that ended Aug. 31, FedEx’s fiscal first quarter. That was up from $745 million a year earlier.
Its revenue rose to $19.32 billion, up 13% from $17.05 billion in last year’s quarter.
Its earnings amounted to an adjusted $4.87 a share. That was well ahead of the $2.70 per share expected on average by Wall Street analysts polled by FactSet.
FedEx’s stock jumped 8% in after-hours trading.
Many people are shopping online during the pandemic, which is helping some delivery companies.