FedEx shares jump over 9% as quarterly results top expectations

Los Angeles

Shares of FedEx Corp jumped 9.4% in extended trading on Tuesday after a surge in pandemic-fueled home deliveries helped the U.S. package carrier post better-than-expected quarterly profit and revenue. Adjusted profit at Memphis-based FedEx fell by almost 50% to $663 million, or $2.53 per share, for the quarter ended May 31. Revenue slipped to $17.4 billion from $17.8 billion a year earlier.

Analysts, on average, expected a profit of $1.52 per share on revenue of $16.4 billion, according to Refinitiv IBES data, Reuters reported.

FedEx said the novel coronavirus pandemic, which is leaving a trail of human and economic damage in its wake, hit virtually all of the company’s revenue and expense line items. Executives declined to provide an earnings forecast for fiscal 2020, citing the uncertain timing and pace of an economic recovery.