What's Going On With FedEx Shares?

FedEx has helped kick off the Q3 earnings season, with its report reflecting one of the earlier that we still count in the overall Q3 tally. We still have a few weeks until the big banks unveil their quarterly results, really ushering in the period in a big way.

The reaction to the FedEx (NYSE: FDX) report was notably negative, with the results spooking investors. Let's take a closer look at the release and compare the company's current standing to a prominent peer, United Parcel Service (NYSE: UPS).

FedEx Quarterly Results Disappoint

Concerning headline figures, FedEx fell short of the Zacks Consensus EPS estimate by 25%, with sales of $21.6 billion also 2% lower than expected. EPS fell 20% year-over-year, whereas sales were down a marginal 0.4% from the same period last year.

Below is a chart illustrating the company's sales on a quarterly basis.

Image Source: Zacks Investment Research

"Despite a challenging quarter, we remain focused on transforming our network, improving our efficiency, lowering our cost-to-serve, and enhancing our ability to adapt with speed to evolving market dynamics" said Raj Subramaniam, CEO.

He continued, "Overall, I remain confident ...