FedEx tumbles 9% after slashing profit forecast, citing trade war and recession fears (FDX)
|09/17/2019||Posted by BusinessMediaguide.Com under General World News||
- Shares of FedEx plunged as much as 9% in after-hours trading on Tuesday after the company missed earnings expectations for the fiscal first quarter and lowered its profit guidance for 2020.
- FedEx CEO Frederick Smith said a “weakening global macro environment driven by increasing trade tensions” negatively impacted the company’s results.
- The company expects its full-year earnings per share to fall between $11 and $13, falling below analyst estimates of $14.73.
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