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FedEx downgraded its profit outlook, citing weak demand after it reported lower sales and earnings than expected last quarter.
The company brought down the top end of its full-year projection for earnings per share. It expects between $20 and $21 per share, down from $20-$22 per share. It also lowered its expected revenue growth rate.
FedEx also described its last quarter as “challenging” due to higher operating expenses and lower demand for its premium services. It earned $3.21 per share, nearly a third lower Wall Street’s expectations.
Shares of FedEx fell as much as 14 per cent in extended trading.