FedEx Stock Plummets 11% Following Disappointing Earnings Report

The company's revised full-year revenue forecast for fiscal year 2024 indicates a low-single-digit percentage decline in year-over-year revenue, raising concerns about the broader economy.

FedEx stock fell by 11%, marking its biggest single-day decline since September 2022, following a disappointing earnings report and a cut to its fiscal year outlook.
The company's core overnight delivery Express unit posted a decline in operating profits, leading to concerns about the state of the broader U.S. economy.
Shares of FedEx's rival, United Parcel Service (UPS), also slid by 2% in response to FedEx's earnings report.
FedEx revised its full-year revenue forecast for fiscal year 2024 due to low demand for shipping services, expecting a low-single-digit percentage decline in year-over-year revenue.
Despite the decline in revenue, FedEx posted three consecutive quarters of net income growth as margins expanded.