After FedEx failed expectations for revenue and earnings in its first quarter, the CEO became pessimistic. Additionally, the business revoked its full-year guidance. The FedEx CEO has predicted a worldwide recession.
Raj Subramaniam, the CEO of FedEx, told Jim Cramer on CNBC on Thursday that he thinks the world economy is headed for a recession.
"I think so. But you know, these numbers, they don’t portend very well ," Subramaniam remarked in response to Cramer's inquiry about whether the economy is "going into a worldwide recession."
FedEx missed projections for revenue and earnings in its first quarter, which led to the CEO's pessimism. Additionally, the business revoked its full-year guidance.
On Thursday, shares of FedEx fell 15% during extended trading.
“I’m very disappointed in the results that we just announced here, and you know, the headline really is the macro situation that we’re facing,” Subramaniam said in an interview on “Mad Money.”
The chief execut...
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