FedEx warns that a global recession could be near

Shares plunged 22% in trading today

(CNN)— According to information from the company, shares plunged 22% in trading today after it warned yesterday that an economic slowdown putting the company $500 million short of it’s revenue target is on the horizon.

The global economy has hurt the company’s express delivery and the demand for packages has also weakened in the final weeks of this quarter.

The company also expects business conditions to further weaken this quarter which runs through November.