XPO Started a Uber Freight model and brought in record revenues

XPO Logistics dealt with a crash in freight movement by moving towards a Uber Freight model. revenue results have proven it has paid off very well for XPO.

XPO Logistics introduced the XPO Connect app in North America in 2018, expanding into Europe in 2019. XPO said 75,000 carriers are now exclusively using the driver-focused version of the app to find loads.

  • XPO increased its loads per day by 24% year over year and headcount 20% in Q4.

XPO Logistics, Inc. (NYSE: XPO), a global provider of transportation and logistics solutions, was named a World’s Most Admired Company for 2021 by Fortune magazine. XPO has been recognized by Fortune as a World’s Most Admired Company every year since 2018

XPO Reports Highest Quarterly Revenue Ever at $4.67 Billion

For the full year, XPO Logistics reported total revenue of $16.25 billion, compared to $16.65 billion for 2019. Total net income for the year decreased to $117 million, 78 cents, from $440 million, $3.57, the previous year.

The backlog of contract logistics remains “very strong,” said Matt Fassler, XPO’s chief strategy officer.

XPO’s truckload brokerage business, which cranked on all cylinders last quarter, will be “spectacular” again during the first quarter, though not as off the charts as in the fourth quarter, said Fassler.