FedEx reports a loss, but revenue tops Street expectations
(AP) - FedEx has reported a $334 million loss in its fiscal fourth quarter caused partly by writing down the value of its FedEx Office locations because of the COVID-19 pandemic.
The company reported higher-than-expected revenue Tuesday, and its profit adjusted to exclude the write-downs beat Wall Street expectations.
Online shopping has picked up as many shoppers continue to avoid going into stores.
Excluding write-downs for FedEx Office stores and lower value of pension investments, the company’s adjusted profit also beat expectations.
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