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.
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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