FedEx reported a lower first-quarter profit on Thursday as demand in the package industry remained muted, especially for priority services.

FedEx Corp. (FDX) is facing increasing pressure as its latest earnings report revealed a significant miss on both profit and revenue expectations, triggering a sharp drop in its stock price. Shares of the shipping giant plummeted nearly 15% following the release of its fiscal first-quarter results,

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.