On Wednesday, FedEx shares fell approximately 10% following news that the company is slashing its full-year revenue forecast.
During its second fiscal quarter, FedEx reportedly only pulled in $3.99 in earnings per share versus the $4.18 per share estimated by analysts.
According to FedEx, the shipping giant now expects a single-digit drop in revenue for the fiscal year, adjusted from its previous flat sales prediction.
This marks the second consecutive fiscal quarter that FedEx has adjusted its revenue guidance.
