FedEx shares tumble after weaker demand hits revenue outlook
A FedEx plane carrying Ya Ya, a female giant panda that has lived in the United States for two decades, lands at Shanghai Pudong International Airport on April 27, 2023 in Shanghai, China.
Vcg | Visual China Group | Getty Images
FedEx shares tumbled 8% in after-hours trading Tuesday after the package-delivery giant lowered its revenue forecast as weaker demand hit sales.
The company said it expects a low-single-digit decline in revenue for the fiscal year, down from a previous forecast for flat sales year-over-year. Analysts had expected a revenue drop of less than 1% in the current fiscal year, according to LSEG, formerly known as Refinitiv.
It’s the second consecutive quarter FedEx has lowered its sales outlook.
This is a developing story. Check back for updates.