US parcel delivery giant UPS plans to cut 12,000 jobs worldwide in the face of difficult business conditions, it said on Tuesday. The job cuts - around 2.5% of its global workforce of around 500,000 employees - are intended to save $1 billion, group chief executive Carol Tomé said on a conference call. The future of truck logistics company Coyote, which UPS only acquired in 2015, is also up in the air. A sale is being looked at for the subsidiary, which is suffering from the sharp drop in transp
UPS’ stock sank Tuesday, after the package delivery giant reported fourth-quarter revenue that missed expectations, again, and provided a downbeat 2024.
(Bloomberg) United Parcel Service Inc. tumbled after the courier posted fourth-quarter sales below analysts’ estimates and provided 2024 guidance that missed expectations as higher labor costs and lower package demand crimps profit. Most Read from BloombergMusk Says First Neuralink Patient Received Implant in BrainTraders Line Up for ‘Once-in-a-Generation’ Emerging Markets BetBlackstone Is Building a $25 Billion Empire of Power-Hungry Data CentersTrump Cash Stockpile at Risk From $450 Million
UPS is planning to cut jobs after its revenue forecast missed estimates. It's the latest in a string of companies to announce plans to lay off workers.
UPS’ stock sank Tuesday, after the package delivery giant reported fourth-quarter revenue that missed expectations, again, and provided a downbeat 2024.