Shares of logistics company UPS fell sharply on Tuesday after the company’s second-quarter earnings report showed that deliveries in the United States were slowing.

The company reported $3.06 in adjusted earnings per share and $23.42 billion in revenue for the quarter. Analysts surveyed by Refinitiv were expecting $2.82 in earnings per share and $23.24 billion in revenue.

However, the headline beat was fueled by a big jump in the amount of revenue per package and strength in international markets, as the total volume of U.S. deliveries declined almost 3% year over year. Ground packaged volume in the U.S. was down 4% year over year.

Additionally, the revenue from U.S. packages in the second-quarter missed expectations, according to Street Account.

The stock was down nearly 9% in early trading.

The decline in volume is relative to one of the main periods of economic restrictions and store closures in the U.S. in 2020, when e-commerce boomed due to the Covid-19 pandemic. The company’s next-day air volume in the U.S. did rise in the most recent quarter.

“I want to thank all UPSers for executing our strategy and delivering high service levels, which fueled record financial results in the second quarter,” UPS CEO Carol Tome said in a statement. “Through our better not bigger framework, we are moving our world forward by delivering what matters.”    

Shares of UPS were up nearly 25% for the year before Tuesday’s report. The stock jumped more than 43% in 2020.