FedEx Corp on Tuesday issued its second warning on fiscal 2020 profit after quar...
) on Tuesday issued its second warning on fiscal 2020 profit after quarterly earnings fell sharply on lackluster global trade and the end of its relationship with Amazon.com, the world’s top online retailer.
Shares fell 6.5% in after-hours trade to $152.58 after FedEx also said the late arrival of Thanksgiving shifted revenue from the Cyber Week holiday delivery surge into December, hurting results in its quarter ended Nov. 30. The shortened peak holiday season has dialed up the pressure on package delivery firms. Thus far, FedEx appears to be lagging main rival United Parcel Service Inc in on-time deliveries.
Sriram Sridhar, CEO of LateShipment.com, tracks last-mile deliveries and said data culled from his clients indicated that FedEx is lagging UPS’s performance in large cities like Los Angeles, Seattle, Boston and New York.
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