The company also lowered its financial outlook for the fiscal year ahead, projecting earnings per share between $20 and $21 versus its prior range of $20 to $22. That sent shares tumbling nearly 15%.

FedEx stock tumbled after the company reported disappointing earnings and turned in weak quarterly results Thursday and suffered a bevy of price target cuts and downgrades from Wall Street as a result.

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.