UPS announces 12,000 job cuts, says package volume slipped last quarter
Publishing timestamp: 2024-01-30 11:13:56
Summary
UPS reported drops in shipping volume and fell short of revenue estimates in its fourth-quarter earnings report. The company also announced 12,000 layoffs and plans to sell its Coyote truck brokerage business. CEO Carol Tom cited labor contract negotiations and the macroeconomic environment as contributing to a "disappointing" year. UPS' 2024 outlook expects revenue to range from $92 billion to $94.5 billion.
Sentiment: NEGATIVE
Tickers: UPS,
Keywords: economy, layoffs, business, breaking news: business, earnings, business news, transportation, breaking news: economy, united parcel service inc, retail industry,
Source: https://www.cnbc.com/2024/01/30/ups-reports-drop-in-package-volume-stock-tumbles.html