By Shivansh Tiwary (Reuters) -Shares of FedEx slumped 13% on Friday after the parcel giant's dismal first-quarter results, in what analysts attributed to a combination of broader economic concerns and an unfavorable shift in the company's sales away from higher-priced deliveries.

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.

FedEx reported a drop in first-quarter profit on Thursday and lowered the top end of its annual profit forecast as demand in the package industry remained muted, especially for priority services. The company's shares fell about 11% to $268.