FedEx delivery company has more than doubled his profits in the last quarter. Because of the pandemic, many people had to stay at home and physical shops closed the doors. As a result, the number of online purchases increased and couriers from the American company had much more work.
For the first time in the second quarter of the year in which FedEx was broken, turnover rose to over USD 20 billion in one quarterly period. The total revenue was 20.6 billion dollars, compared to 17.3 billion dollars a year earlier. FedEx made a net profit of over USD 1.2 billion, compared with USD 560 million in the same period in 2019.
In addition to a substantial increase in employment, FedEx also benefited from higher rates demanded by the group for its courier services. At the same time, the company also had higher costs. For example, the company had to invest in an expansion of its capacity, variable employee rewards were higher, and the company had to spend money on safety measures against coronary thrombosis.
Maurice Esma, a co-founder of EconomicInform is a freelance journalist with the expertise in international finance and corporate rights. The author can be reached by email maurice.eisma@economicinform.com
