US Stock Market Move | Q1 performance disaster FedEx Corporation (FDX.US) falls more than 14%

On Friday, FedEx Corporation (FDX.US) stock price fell, as of the time of writing, the stock dropped over 14% to $256.18. For the first quarter ending on August 31st, the company's adjusted earnings per share were $3.60, significantly lower than analysts' expectations of $4.77 and the $4.37 reported in the same period last year. Revenue was $21.6 billion, slightly below analysts' expectations of $21.9 billion. This financial report is the first one from FedEx Corporation after integrating its express, ground, and services operations on June 1st. In the recent quarter, FedEx Corporation found that more price-sensitive customers are choosing slower and cheaper delivery services, a trend that also impacted rival UPS earlier this year. Brie Carere, Chief Customer Officer at FedEx Corporation, said during the company's earnings call that due to soft business-to-business demand, the company's domestic shipment volume in the express division in the United States decreased by 3%.