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官方开奖结果体彩网: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 revenue drop was the resu൲lt of “volume declines, lower fuel surcharges, reduced dema🧜nd 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官方开奖结果体彩网:profit margin.

FedEx warned that for the remainder of the fiscal year, it expects “revenue will continue to be pressured by volatile macroeconomic conditions negatively affecting customer demand for our servicesཧ 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.