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United Parcel Service (UPS) plans to cut 12,000 jobs and explore strategic options for its truckload freight brokerage business, Coyote, following a disappointing year. UPS aims to reduce costs by $1 billion. The company s shares fell 6.3% after it forecasted full-year revenue below estimates. Despite expecting weak business conditions until the second half of 2024, UPS said it has been winning back business from rivals, with 60% of lost business returning. The company also faces challenges from declining daily volume, labor costs, and a shift to ground-based delivery. UPS reported a decline in revenue from its air-based international segment and adjusted profit for the fourth quarter. ....
UPS shares dip after executives outline costs of new labor contract By Investing.com investing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investing.com Daily Mail and Mail on Sunday newspapers.
United Parcel Service Inc. posted record quarterly earnings on Tuesday and forecast 2022 revenue above expectations, driven by higher shipping rates and e-commerce demand, sending shares of the logistics giant up 7 percent before the bell. Demand for express shipping has risen sharply during the COVID-19 pandemic, especially in business-to-consumer package deliveries, as the ....