WASHINGTON, D.C. – New earnings data released by FedEx reveals that the company saw its third quarter net income increase 25% to $1.1 billion as it jacked up shipping rates on working families. Despite spending over $2.2 billion in stock buybacks in the first nine months of its fiscal year — compared to none last year — the company still announced that shipping rates will increase by an average of 5.9% for its services while adding several new surcharges. The corporation’s massive profits reaffirm ongoing research from Accountable.US exposing how major companies across several industries are using the pandemic as an excuse to increase their wealth and line their shareholders’ pockets at the expense of working families.
FedEx suggests they had no choice but to jack up shipping rates to keep up with their own costs, but $1.1 billion in net income this quarter tells a different story – one about corporate greed. Instead of standing by its consumers and keeping prices stable, FedEx joined the long list of companies exploiting the pandemic to pad their profits on the backs of everyday consumers.”
Kyle Herrig, president of Accountable.US
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