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Stamps.com is breaking up with the U.S. Postal Service, and its stock is down nearly 50%

Stamps.com Inc.’s stock took a nose dive in late trading Thursday, falling nearly 50% after the company said an exclusive deal with the U.S. Postal Service will not be renewed.

Stamps.com STMP, -2.00% predicted large declines in its financial performance in 2019 with its fourth-quarter earnings report Thursday afternoon, then explained why in a conference call. Citing the need to work with other parcel and mail carriers such as United Parcel Service Inc. UPS, +0.62% , FedEx Corp. FDX, +0.20% and Amazon.com Inc. AMZN, -0.16% , executives said that its customers were asking for and require shipping options beyond what the post office was capable of offering, so the exclusive nature of their agreement no longer worked.

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