Cyber attack, Harvey cost FedEx $300M in quarterly profits

MEMPHIS, TN (WMC) - FedEx says a cyber attack on one of their companies in Europe has cost them hundreds of millions of dollars.

That attack, along with the impacts of Hurricane Harvey, caused the Memphis-based package delivery company $300 million on their quarterly profit.

FedEx joined several other companies that reported a big drop in earnings from the virus that hit at the end of June, shutting down shipping ports, factories, and corporate offices.

FedEx did not have insurance in place that covered the impact of the cyber attack.

Hurricane Harvey forced service delays and delivery disruptions because of flooded roads and infrastructure issues, and flights to Houston were grounded.

The bad news may not be over for FedEx, as the company posted it is monitoring Hurricane Maria, now closing in on the Virgin islands and Puerto Rico, and Hurricane Jose churning up the East Coast, posing potential problems.

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