Shares of FedEx (FDX) - Get Report are dropping more than 7% after hours Tuesday after the Memphis package-delivery company reported top- and bottom-line results below estimates. 

For the first quarter ended Aug. 31, adjusted earnings were $3.05 a share while analysts surveyed by Fact Set were expecting $3.16 a share. Revenue was $17.05 billion against the estimate of $17.06 billion. 

The company attributed the result to the global macro environment, including the prolonged trade war between the U.S. and China. 

"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," CEO Frederick Smith said in a statement. 

The company's guidance also is weighing on the stock. FedEx cut its fiscal 2020 earnings forecast and expects to earn an adjusted $11 to $13 per share, below Wall Street's consensus estimate of $14.70. 

The company said it would implement cost cuts to "match capacity with demand."