United Parcel Service Inc (NYSE:UPS) shares are trading lower in Thursday's after-hours session after FedEx Corp (NYSE:FDX) shares fell 15% on the company's preliminary results. 

FedEx said its fiscal first-quarter results were adversely impacted by global volume softness that accelerated in the final weeks of the quarter.

The company now expects first-quarter revenue of approximately $23.2 billion and first-quarter adjusted earnings to be around $3.44 per share.

"Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S. We are swiftly addressing these headwinds, but given the speed at which conditions shifted, first quarter results are below our expectations," said Raj Subramaniam, president and CEO of FedEx.

"While this performance is disappointing, we are aggressively accelerating cost reduction efforts and evaluating additional measures to enhance productivity, reduce variable costs, and implement structural cost-reduction initiatives," Subramaniam added.

FedEx also withdrew its fiscal year 2023 earnings forecast. The company expects business conditions to weaken further in the second quarter.

Related Link: Why FedEx Stock Is Down 15% After Hours

UPS and FedEx are direct competitors in the package delivery space. 

UPS Price Action: UPS has a 52-week high of $233.72 and a 52-week low of $165.34.

The stock was down 5.41% in after-hours at $174.98 at the time of publication.

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