The shipping carrier is calling out a growing trend that speaks volumes about the current state of the industrial economy.

By Shivansh Tiwary and Lisa Baertlein (Reuters) -Shares of FedEx slumped almost 16% on Friday, the worst in two years, after a dismal first-quarter profit drop due to anemic economic conditions and an ongoing customer shift toward slower,

FedEx has lowered its full-year outlook, expecting low-single-digit-percent revenue growth year over year, down from its previous projection of a low-to-mid-single-digit increase. It expects earnings per diluted share to range from $17.90 to $18.90, compared to the earlier forecast of $18.25 to $20.25.

Analysts see a potential spinoff of FedEx’s freight business as a possible boost, but the stock is dropping sharply

FedEx said a weaker industrial economy produced a “challenging” quarter that caused it to trim its outlook for later this year, a sign of possible cooling in the wider economy.