FedEx will no longer make ground deliveries for Amazon as the online shopping giant builds its own fleet and becomes more of a threat to delivery companies.
“This change is consistent with our strategy to focus on the broader e-commerce market, which the recent announcements related to our FedEx Ground network have us positioned extraordinarily well to do,” a FedEx spokesperson said.
Shares of FedEx and Amazon were down at least 1% in premarket trading. Bloomberg first reported FedEx’s decision.
Read the article at CNBC.