NYSE: FedEx's stock is down 12%

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Following the release of preliminary Q1 results on Thursday, FedEx (NYSE:FDX) stock fell 12% postmarket.

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The company's results were significantly below expectations due to

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global volume softness that worsened in the quarter's final weeks.

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FDX also canceled its earnings projection for FY23.

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The company anticipates Q1 adj. EPS of $3.44, significantly less than the $5.14 consensus estimate.

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Compared to the consensus estimate of $23.52 billion for Q1 revenue, $23.2 billion is expected.

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Due to service issues in Europe and macroeconomic weakness in Asia,

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FedEx Express's Q1 results fell short of expectations by about $500M in terms of revenue.

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FedEx Ground's revenue came in about $300 million under budget.

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To combat the challenging business environment, FDX immediately reduced costs,

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but volume declines delayed the results.

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