UPS (NYSE:UPS) shares dropped nearly 6% on Thursday after the company revised its annual forecast downward due to challenging macro-economic conditions.

In Q3, UPS posted an EPS of $1.57 on revenues of $21.06 billion, slightly beating the EPS estimate of $1.53 but falling short of the $21.5 billion revenue expectation. Year-over-year sales declined 13%, with U.S. package revenue down by 11%.

The company remarked on being well-equipped for the upcoming peak holiday period. However, it adjusted its fiscal year revenue guidance to approximately $91.8 billion (with a variation of $500 million), a reduction from the earlier $93 billion estimate. Street estimates stood at $92.82 billion.

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