The shares of FedEx Corp. slumped almost 11% at the open on Friday, landing at their lowest level since June 2023.
Earlier, the business slashed its forecast for annual profit and revenue, with CFO John Dietrich revealing that the decision was made due to "continued weakness and uncertainty in the US industrial economy," which is hurting the demand.
The company's stock plunged 10.8% at 9:30 am ET, going for $219.8050 apiece.
