FedEx reported revenue of $21.6 billion and adjusted earnings of $3.60 per share, well below our estimates of $22.1 billion, and $4.90, respectively.

Those pressures do not appear to be easing. In its fiscal 2025 first quarter, which ended Aug. 31, FedEx earned $3.60 per share on revenue of $21.6 billion, falling short of Wall Street's consensus estimates for earnings of $4.76 per share on sales of $21.9 billion.

FedEx’s results were dragged down by weaker-than-expected demand, particularly in the U.S. domestic package market.

Good day, and welcome to the FedEx fiscal year 2025 first quarter earnings call. All participants are in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions.