FedEx reported a lower first-quarter profit on Thursday as demand in the package industry remained muted, especially for priority services.

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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.

Andrew Graham, managing partner at Jackson Square Capital, shares his take on FedEx's latest financial results and its prospects. The Memphis-based company cut the top end of its full-year profit outlook and reported quarterly earnings below expectations on softer demand for package deliveries.

FedEx’s results were dragged down by weaker-than-expected demand, particularly in the U.S. domestic package market.