FedEx Corporation FDX shares are falling after reporting a first-quarter earnings miss.

Adjusted first-quarter earnings came in at $3.05, missing estimates by 12 cents. Sales came in at $17.048 billion, missing estimates by $22 million.

The company cut 2020 sales guidance given "increased trade tensions and additional weakening of global economic conditions since the company's initial fiscal 2020 forecast in June".

"Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty," said Chairman and CEO Fred Smith "Despite these challenges, we are positioning FedEx to leverage future growth opportunities as we continue the integration of TNT Express, enhance FedEx Ground residential delivery capabilities and modernize the FedEx Express air fleet and hub operations."

FedEx shares are fell more than 7.5% to $160.28 in Tuesday's after-hours session. The stock closed at $173.30 per share.