Shares of FedEx (NYSE: FDX) slid 21.4% last Friday, marking the worst single-day percentage decline in company history. The sell-off came in response to warnings from CEO Raj Subramaniam that the climate for the package delivery business is swiftly deteriorating.

FedEx's pre-announcement caught the market off guard, particularly when considering that it was just in late June that FedEx guided for fiscal 2023 diluted earnings per share (EPS) of $22.50 to $24.50, which would have been the highest annual performance in company history.

Now, FedEx is guiding for first-half fiscal 2023 diluted EPS of just $5.98. This signals that the company isn't merely missing a record performance but is on track to post lower diluted EPS than in fiscal 2022 or 2021. 

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Source Fool.com