U.S. Postal Service Reports $6.5 Billion Loss in 2023, Continuing Years-Long Struggle to Achieve Profitability
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The U.S. Postal Service reported a $6.5 billion net loss for fiscal year 2023, its 16th net loss since 2007.
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The loss comes after the Postal Service requested another price hike for first-class stamps to 68 cents in January.
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The 10-year plan to restore profitability is not going well due to revenue declines from private deliveries and inflation.
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The Postal Service has raised stamp prices 4 times in 27 months since announcing the 10-year plan in 2021.
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First-class mail accounts for about 31% of Postal Service revenue but has declined due to electronic bill paying.