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FedEx reports a loss, but revenue tops Street expectations

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.
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.(WTVG)
Published: Jun. 30, 2020 at 7:58 PM EDT
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(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.

(Copyright 2020 The Associated Press. All rights reserved.)

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