FedEx reported quarterly loss amid slowing global growth


The report of the FedEx Corporation, which provides logistics services worldwide, for the fourth fiscal quarter to May 31 showed that its net loss was $1.97 billion, whereas a year earlier it reported a net profit of $1.13 billion. Adjusted earnings dropped to $5.01 per share. Economists had expected a further fall - up to 4.85 dollars per share. At the same time, quarterly revenue rose to 17.8 billion dollars against the previous year's 17.3 billion dollars. In the past quarter, revenue growth by 11% was recorded by the ground delivery unit, while the rate of express delivery units decreased by 1%. The company explains weak quarterly figures by weakening global growth and switching its customers to cheaper delivery options from January of this year, which is now carried out 6 days a week throughout the year, and not just on holidays. FedEx completed the entire fiscal year with a decline in net profit of up to $540 million and an increase in revenue to $69.7 billion.

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