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Photo: Luke Sharrett/Bloomberg via Getty Images

FedEx's profit nearly tripled in its third quarter, the company announced, reporting net income of $892 million for the three months ending Feb. 28.

Why it matters: Delivery companies like FedEx have benefitted from increased demand for online shopping during the coronavirus pandemic.

  • The Memphis, Tennessee-based company has also been delivering coronavirus vaccines across the U.S., an effort that CEO Frederick Smith called, "the most important work in the history of FedEx."
  • "We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future," Smith said.

By the numbers: FedEx's third quarter net income is compared to the $315 million the company made for the same quarter in 2020.

  • Income increased despite the company being rattled by severe winter weather, which FedEx said, "significantly impaired operations at several of the company’s largest facilities" and caused it to lose $350 million.

Go deeper

Updated 29 mins ago - Politics & Policy

Trump sues New York Times and his niece over tax report

Former President Trump hosting a boxing match in Hollywood, Florida on Sept. 11. Photo: Chandan Khanna/AFP via Getty Images

Former President Trump filed a $100 million lawsuit against the New York Times and his niece Mary Trump on Tuesday over the news outlet's reporting on his tax records, the Daily Beast first reported.

Details: The lawsuit, filed in New York's Dutchess County, alleges NYT journalists "engaged in an insidious plot to obtain confidential and highly-sensitive records" and that it "convinced" Mary Trump to "smuggle records out of her attorney's office and turn them over to The Times."

House passes government funding, debt ceiling bill

Speaker Nancy Pelosi. Photo by Kevin Dietsch/Getty Images

The House passed a bill on Tuesday to fund the government through early December, along with a measure to raise the debt ceiling through December 2022.

Why it matters: The stopgap measure, which needs to be passed to avoid a government shutdown when funding expires on Sept. 30, faces a difficult journey in the Senate where at least ten Republicans would need to vote in favor.

4 hours ago - Politics & Policy

The Democrats' debt dilemma

Illustration: Aïda Amer/Axios

Democrats find themselves in a political and potentially catastrophic economic quagmire as Republicans stand firm on denying them any help in raising the federal debt ceiling.

Why it matters: The Democrats are technically right — the debt comes, in part, from past spending by President Trump and his predecessors, not only President Biden's new big-ticket programs. But Senate Minority Leader Mitch McConnell (R-Ky.) is saddling them with the public relations challenge of making that distinction during next year's crucial midterms.