The FedEx profit warning that caused the global markets to tremble

FedEx’s bad news for investors might be just the beginning.

The package delivery giant roiled stock markets with a profit warning Thursday evening

The FedEx announcement was the “first in a series of warnings that we may see for the quarters to come

FedEx CEO Raj Subramaniam did not spare investors from the doom and gloom.

FedEx CEO Raj Subramaniam did not spare investors from the doom and gloom.

We are seeing volume decline in every segment around the world. So we just assume at this point that economic conditions are not going to be good.”

FedEx, with the wide range of items it ships worldwide, has long been considered a bellwether of global economic growth.

The company also said it would defer hiring, reduce flight frequency, close 90 office locations, and reduce capital expenditures by $500 million over the coming year.