Postal Service reports $2.4 billion quarterly loss

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Washington, D.C.—The U.S. Postal Service logged a net loss of $2.4 billion for its fiscal third quarter ended June 30, reflecting the continuing shift online of direct marketing and consumer communications.

The loss compared with a $1.1 billion net loss in the same period last year.

Mail volume for the quarter totaled 41.6 billion pieces, down 7 billion pieces, or 14.3%, compared with the year-earlier period. For the first three quarters of its fiscal year, mail volume dropped by some 20 billion pieces from the year-earlier period, the largest consecutive three-quarter drop in total volume since 1971.

The USPS, which is pushing for the elimination of Saturday mail delivery in an attempt to save money, projects a net loss of more than $7 billion for its fiscal year ending Sept. 30, and a cash shortfall of up to $700 million.

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