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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.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
The dollar was under pressure on Monday as the escalating U.S.-China tensions weighed on the market, while investors worried that the U.S. coronavirus resurgence could stall economic recovery. The dollar fell to a four-month low on the yen ...
Financial markets saw record heights earlier on Friday, with the Euro continuing its 21-month gain streak and gold prices hitting its highest level amid a weakened Dollar. The Euro soared above the Dollar by 1.7%, trading at $1.1616 for the ...
On Wednesday, Tesla Inc. (TSLA.O) posted its second-quarter profit worth $104 Million from April to June despite shutting down its electric vehicle factory in Fremont, California for roughly seven weeks due to the coronavirus pandemic. Tesla ...
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