FedEx (NYSE: FDX) withdrew its guidance for the year and warned its fiscal first quarter would come in well below expectations. The stock plunged as a result, trading down as much as 25% on Friday morning.

FedEx was not expected to report earnings until next week, but late Thursday after markets closed the global shipping giant preannounced the results for its fiscal first quarter ending Aug. 31 and issued a grim warning about the global economy. The company said it expects to earn $3.44 per share in the quarter, well below analyst expectations for $5.14 per share in earnings.

FedEx also warned it expects to earn as little as $2.65 per share in its fiscal second quarter, compared to analyst expectations for $5.48 per share in earnings. The company said it was withdrawing guidance for the full year due to the uncertain economic environment.

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Source Fool.com