Shares of FedEx Corp. tanked after the logistics company missed profit expectations for its fiscal first quarter and lowered its outlook for fiscal 2020 thanks to “increasing trade tensions” and weaker global economic conditions.
FedEx FDX, -0.16% said late Tuesday it earned $745 million, or $2.84 a share, in the quarter, compared with $835 million, or $3.10 a share, in the year-ago period.
Adjusted for one-time items, the company earned $800 million, or $3.05 a share, compared with $933 million, or $3.46 a share, a year ago. Revenue was flat at $17.05 billion.
