Shares of FedEx fell nearly 8 per cent in extended trading on Tuesday, after the company cut its full-year revenue outlook and warned of a weaker demand environment.
The US delivery company, which is a bellwether for global growth, said it expected a “low-single-digit percentage decline” in revenue for the fiscal year, having previously forecast flat to marginal revenue growth.
In a statement, chief executive Raj Subramaniam said FedEx was navigating an “uncertain demand environment” and its chief financial officer said demand was “continuing to pressure the top-line.”
FedEx posted revenues of $22.2bn in its second fiscal quarter and $900mn in net income, missing consensus estimates on both measures.
Read the full article here