UPS said that shipments from businesses to U.S. consumers soared 65% in the second quarter, helping lift the delivery giant to a $1.77 billion profit.
The results were better than expected, and UPS shares jumped 15% in mid-day trading.
In April, UPS executives thought that online shopping would slow down after the early days of the pandemic.
“Instead, we saw just the opposite,” said new CEO Carol Tomé. Consumer online spending surged as stores closed, people sheltered at home, and the government sent them checks, she said on a call with analysts.
The company’s volume jumped 23% to more than 21 million packages a day, and revenue climbed more than 13%.
But while stay-at-home orders and other restrictions to slow the spread of the new coronavirus have meant more business for the delivery companies, it has also strained their networks and threatened to drive up costs.
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