FedEx shares tumble immediately after weaker demand hits profits outlook

A FedEx plane carrying Ya Ya, a woman big panda that has lived in the United States for two many years, lands at Shanghai Pudong International Airport on April 27, 2023 in Shanghai, China.

Vcg | Visible China Team | Getty Photos

FedEx shares tumbled 8% in right after-hours buying and selling Tuesday after the offer-supply big reduced its earnings forecast as weaker demand hit revenue.

The company mentioned it expects a reduced-single-digit decrease in income for the fiscal 12 months, down from a previous forecast for flat income year-over-calendar year. Analysts had expected a revenue fall of less than 1% in the recent fiscal yr, according to LSEG, previously recognised as Refinitiv.

It truly is the 2nd consecutive quarter FedEx has decreased its gross sales outlook.

This is a establishing tale. Test again for updates.

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