FedEx CEO Raj Subramaniam told CNBC’s Jim Cramer on Sept. 15 that he believes a recession is impending for the global economy.

The CEO’s pessimism came after FedEx missed estimates on revenue and earnings in its first quarter. The company also withdrew its full year guidance.

FedEx CEO Raj Subramaniam told Cramer that he believes a recession is impending for the global economy.
“I think so. But you know, these numbers, they don’t portend very well,” Subramaniam said in response to Cramer’s question of whether the economy is “going into a worldwide recession.”

The CEO’s pessimism came after FedEx missed estimates on revenue and earnings in its first quarter. The company also withdrew its full year guidance.

Shares of FedEx fell 15% in extended trading on Thursday.

“I’m very disappointed in the results that we just announced here, and you know, the headline really is the macro situation that we’re facing,” Subramaniam said in an interview on “Mad Money.”

Read more: FedEx Faces Big Changes as New Boss Confronts Higher Costs, Angry Contractors

The chief executive, who assumed the position earlier this year, said that weakening global shipment volumes drove FedEx’s disappointing results. While the company anticipated demand to increase after factories shuttered in China due to COVID-19 opened back up, it actually fell, he said.