UPS to cut 12,000 jobs

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UPS
fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company also announced 12,000 layoffs as part of an effort to align resources in 2024.

The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call.

“2023 was a unique, and quite candidly, difficult and disappointing year. We experienced declines in volume, revenue and operating profits and all three of our business segments,” Tomé said.

www.cnbc.com/2024/01/30/ups-reports-drop-in-package-volume-stock-tumbles.html

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