FedEx reported a lower first-quarter profit on Thursday as demand in the package industry remained muted, especially for priority services.

FedEx said a weaker industrial economy produced a “challenging” quarter that caused it to trim its outlook for later this year, a sign of possible cooling in the wider economy.

By Shivansh Tiwary and Lisa Baertlein (Reuters) -Shares of FedEx slumped almost 16% on Friday, the worst in two years, after a dismal first-quarter profit drop due to anemic economic conditions and an ongoing customer shift toward slower,

FedEx Corp shares slumped on Friday after the parcel giant cut its annual revenue forecast and reported a sharp fall in profits, owing to weak demand for high-margin speedy delivery services. Shares of the company were down nearly 13 per cent in premarket trading,