(Bloomberg) -- FedEx Corp. cut the top end of its full-year profit outlook and reported quarterly earnings below expectations on softer demand for package deliveries.

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Adjusted earnings for the current fiscal year will be $20 to $21 a share, the company said Thursday, below its previous forecast for as much as $22 a share.

For the quarter ending Aug. 31, it reported adjusted earnings per share of $3.60. That compares with analyst expectations for $4.77 and the $4.37 it reported a year ago.

Its shares fell 9.8% to $271.06 as of 4:09 p.m. in New York after the close of regular trading.

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