12/18/2019, 5:30 PM (Source: TeleTrader)
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Chart for: FedEx Corp

FedEx plunges 10% on disappointing earnings

Shares of FedEx Corporation plunged 10% on Wednesday after the firm posted worse-than-expected results for the second quarter of fiscal 2020 a day earlier.

The courier company said its revenue in the three-month period fell by 3% to $17.3 billion, while operating income plummeted 53% to $1.17 billion and net income slid 40% to $560 million. Furthermore, FedEx also lowered its outlook for fiscal 2020 as a result of "lower-than-expected revenue" at each of its transportation segments and "higher-than-expected expenses driven by continued mix shift to residential delivery services."

FedEx dropped 9.99% to $146.94 at 11:17 am ET.

Breaking the News / NP