USPS releases 2023 financial report, net loss reaches $6.5 billion

Recently, the United States Postal Service (USPS) released its financial report for fiscal year 2023 ending September 30. The financial report shows that the total revenue of USPS in fiscal year 2023 is US$78.2 billion, a decrease of 0.4% from the same period last year. The net loss is US$6.5 billion, while the net income in the previous year was US$56 billion, mainly affected by inflation.

Compared with the same period last year, USPS's transportation and parcel category revenue increased by 1% to $324 million, and the volume decreased by 175 million pieces, a decrease of 2.4%. Marketing mail revenue decreased by $920 million, a decrease of 5.8%, and the volume decreased by 7.7 billion pieces, a decrease of 11.4%. USPS said that the reasons for the decline in revenue include the overall decline in advertising spending caused by the trend of corporate users to use digital and mobile advertising, as well as the impact of the inflationary environment on printing production costs.

USPS's total operating expenses for the full year were $85.4 billion, an increase of $5.8 billion, or 7.3%, from the same period last year. Adjusted operating expenses, calculated on a non-GAAP basis, increased by $2.1 billion, or 2.6%, from the same period last year. Controllable losses were $2.3 billion, compared with a controllable loss of $473 million in the previous year.

Currently, USPS is in a major transformation phase. While making significant progress in long-term cost control and revenue generation strategies (including the launch of new products such as USPS Ground Advantage), it is also dealing with financial difficulties caused by inflation. Chief Financial Officer Joseph Corbett said that the continued increase in costs in multiple business areas of USPS has brought challenges. However, USPS will still be committed to increasing parcel revenue, managing costs within a controllable range, and taking measures to reduce transportation costs and continuously optimize the USPS transportation network in accordance with the purpose of "delivering to America".

Editor ✎Rayna/

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