Investors have spent the past few months worrying about what difficult macroeconomic conditions and a slowing global economy might mean for corporate profits. Late Thursday, FedEx (NYSE: FDX) sounded the alarm that those concerns are justified.

FedEx expects to miss Wall Street's estimates by more than 30% in the recently completed quarter, and it warned the current quarter will be just as bad. The company saw market conditions deteriorate rapidly in the second half of August, and it's so uncertain about the months ahead that it pulled its full-year guidance.

The news is certainly unsettling, and it sent shares of FedEx down more than 20% and contributed to a broader stock sell-off on Friday.

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Source Fool.com