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UPS announces 12,000 job cuts, says package volume slipped last quarter

Posted on AllSides January 30th, 2024
From The Center
Business, UPS, Layoffs
Robert Nickelsberg | Getty Images

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.

Shares of the package giant dipped nearly 6% in premarket trading.

Here’s how the company performed compared to Wall Street estimates:

Adjusted earnings: $2.47 vs. $2.46 per share expected, according to LSEG, formerly known as Refinitiv

Revenue: $24.92 billion vs. $25.43 billion expecte

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