Profit Plunges After Ending Postal Service Partnership

El Segundo-based online postage startup Inc. ended an exclusive partnership with the U.S. Postal Service in February, and expanded its service to work with multiple other parcel carriers.

But in its first quarterly earnings report since terminating the U.S.P.S. agreement, reported a 69% decline in profits, which fell to $14 million from $45.5 million during the same period last year.

McBride said in a statement the firm’s results reflected the change in business since its split with the USPS, noting “our financial results for the second quarter were in-line with our expectations in light of our new strategic direction.”

McBride added that “during the second quarter we continued to make progress on our efforts to evolve our strategy to more fully embrace a global multi-carrier business model.”

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