FedEx (FDX) was the worst-performing stock in the S&P 500 Wednesday morning, with shares plunging over 10% after the delivery firm posted worse-than-expected results and cut its guidance on weaker demand.

FedEx reported second quarter fiscal 2024 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $3.99, with revenue falling 3% from a year ago to $22.17 billion. Both missed estimates.

The company noted that the r𒅌evenue drop was the result of “volume declines, lower fuel surcharges, reduced demand surcharges, and a mix shift toward lower-yielding services.”

CFO John Dietrich noted that demand was “continuing to pressure the top line.” However, the company’s cost-cutting measures led to an increase in earnings and 澳洲幸运5开奖号码历史查询:profit margin.

💟FedEx warned that for the remainder of the fiscal year, it expects “revenue 𓄧will continue to be pressured by volatile macroeconomic conditions negatively affecting customer demand for our services across our transportation companies.” It now anticipates full-year sales to fall by a low-single-digit percentage, down from its previous forecast of flat growth. It was the second consecutive quarter the company reduced its outlook.

Shares of FedEx were down 10.9% at $249.30 per share as of about noon E.T. Wednesday. Despite the selloff, shares of FedEx remained higher for 2023.