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FedEx quarterly profit falls on labor costs By Reuters


© Reuters. FILE PHOTO A FedEx truck drives through the downtown area of Los Angeles on July 22, 2019, U.S.A. REUTERS/Mike Blake/File Photo

(Reuters) – U.S. delivery firm FedEx Corp (NYSE:) posted a decline in quarterly profit on Tuesday, after labor costs crimped earnings growth from surging e-commerce shipping and higher rates and fees.

From $1.28 Billion, which was $4.87 per share a year ago, adjusted net income dropped to $1.19Billion, or $4.37 per shares, in the quarter that ended August 31.

The revenue grew to $22.0billion from $19.3billion.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.