FedEx announced on Friday that it won’t renew its express U.S. shipping contract with Amazon.
packages in the U.S., as the e-commerce giant continues to expand its own in-house delivery network.
FedEx announced on Friday that it decided not to renew its express U.S. shipping contract with Amazon. The company saidthat it was a "strategic decision," and that the change won't impact other existing contracts with Amazon, including international shipping. Amazon's contract with FedEx Express only impacts air services, which means FedEx will continue to serve as a carrier and last mile delivery partner.
FedEx added that Amazon was not a huge customer, only accounting for roughly 1.3% of its total revenue in 2018. FedEx stock dropped less than 1% on the news, while Amazon stock did not budge. Amazon's representative said in an email statement, "We respect FedEx's decision and thank them for their role serving Amazon customers over the years."
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