UPS announces 12,000 job cuts. CEO Carol Tomé stated during a company earnings call that the employment cutbacks will save the company approximately $1 billion in costs.
In a statement issued by the business on Tuesday, Tomé stated, “I want to thank UPSers for providing the best on-time performance of any carrier for the sixth year in a row.” “We stayed focused on controlling what we could control, stayed on strategy, and strengthened our foundation for future growth throughout 2023—a unique and challenging year.”
UPS, regarded as a barometer of the world economy, believes that economic conditions won’t improve until the second half of 2024. LSEG data shows that on Tuesday, it predicted full-year revenue of $92 billion to $94.5 billion, less than analysts’ average expectation of $95.57 billion.
Atlanta-based UPS’s stock fell 8% to $145.32 on the New York Stock Exchange due to sluggish demand from its high-tech, manufacturing, and retail clients.
The company’s quarterly revenue of $24.9 billion was less than experts’ projected $25.43 billion and decreased 7.8% from last year.
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Even though adjusted profit decreased by 31.8% to $2.47 per share, it was still $0.01 per share higher than analysts had predicted.
