UPS to cut 20,000 jobs on likely lower Amazon shipments, profit beats estimates
Publishing timestamp: 2025-04-29 10:20:15
Summary
UPS reported a first-quarter profit that beat estimates but announced plans to cut 20,000 jobs to lower costs due to economic uncertainty and anticipation of weak volumes from Amazon. The company expects to save $3.5 billion by 2025 through job cuts and building closures. The extensive tariffs by President Trump have slowed down trade, leading companies to reduce costs. UPS is not providing updates to its full-year outlook due to economic uncertainty.
Sentiment: NEGATIVE
Keywords: business, business news, united parcel service inc, breaking news: business, earnings, amazon.com inc, transportation,
Source: https://www.cnbc.com/2025/04/29/united-parcel-service-ups-q1-earnings.html