FedEx profit misses expectations; stock down - Reuters
FedEx Corp on Wednesday posted lower-than-expected quarterly earnings as results at its FedEx Ground and FedEx Freight units missed estimates, and it reiterated an outlook analysts consider conservative, sending its stock down nearly 5 percent.
Both FedEx and main rival United Parcel Service Inc are in the final days of their peak holiday season, which has boomed over the past decade due to the rise of e-commerce. Last year both companies were hit by a last-minute surge in online orders and bad weather, leaving an estimated 2 million packages undelivered on Christmas Eve.
The two companies have worked with online retailers in hopes of avoiding a repeat of last year. So far the plans appeared to be paying off.
FedEx Corp on Wednesday posted lower-than-expected quarterly earnings as results at its FedEx Ground and FedEx Freight units missed estimates, and it reiterated an outlook analysts consider conservative, sending its stock down nearly 5 percent.
Both FedEx and main rival United Parcel Service Inc are in the final days of their peak holiday season, which has boomed over the past decade due to the rise of e-commerce. Last year both companies were hit by a last-minute surge in online orders and bad weather, leaving an estimated 2 million packages undelivered on Christmas Eve.
The two companies have worked with online retailers in hopes of avoiding a repeat of last year. So far the plans appeared to be paying off.
