The weakening global economy, particularly in Asia and Europe, has hurt FedEx's express delivery business.
warned that a global recession could be coming, as demand for packages around the world tumbles.
During an interview Thursday on CNBC, FedEx CEO Raj Subramaniam was asked if he believes the slowdown in his business is a sign of the start of a global recession.RELATED: FedEx partners threaten to halt holiday deliveries The 21% single-day loss for FedEx shares easily tops their 16% plunge the day of the 1987 stock market crash, and a 15% drop during the stocks sell-off in March 2020 in the early days of the pandemic. Shares of FedEx are now down 38% so far this year.
FedEx Ground service, which is the primary way the company handles deliveries of online purchases made by US consumers, missed its sales target by $300 million.
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