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

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