Jun 7, 2019 - Technology

FedEx cuts express shipping contract with Amazon

Photo: Joe Raedle/Getty Images

FedEx announced on Friday it will not be renewing its domestic shipment contract for express shipping with Amazon, the Washington Post reports.

The big picture, Axios' Erica Pandey writes is that the company's decision to cut ties with Amazon comes as the e-commerce giant is quickly building its own logistics capabilities. Amazon, which used to be just a customer for big shippers like UPS and FedEx, is emerging as a competitor and may soon start taking market share.

Details:

  • Amazon accounted for less than 1.3% of FedEx’s revenue last year — or approximately $850 million to $900 million, according to an estimate from Sanford C. Bernstein & Co. analyst David Vernon
  • FedEx said it's not worried about Amazon fleshing out its own shipment system, but FedEx and UPS stocks have suffered since the tech giant started developing new logistics initiatives, per the Post.

Go deeper: The race to dominate the $1.5 trillion business of moving stuff

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 32,870,631 — Total deaths: 994,534 — Total recoveries: 22,749,163— Map.
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  4. Health: The long-term pain of the mental health pandemic — Fewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.
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How the Supreme Court could decide the election

Illustration: Sarah Grillo/Axios

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Graham hopes his panel will approve Amy Coney Barrett by late October

Sen. Lindsey Graham during a Senate Judiciary Committee hearing on Sept. 24, 2020 in Washington, DC. Photo: Win McNamee/Getty Images

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Why it matters: That would mean the final confirmation vote could take place on the Senate floor before the Nov. 3 presidential election.

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