UPS Job Cuts and Cost-Cutting Efforts
UPS has eliminated 48,000 jobs in the first nine months of the year as part of its cost-cutting efforts, aiming to reach a $3.5 billion target.
The company, led by CEO Carol Tomé since 2020, reported a decline in third-quarter earnings and revenue, with $1.3 billion and $21.4 billion, respectively, due to the impact of tariffs and the end of the de minimis exemption on its core business.
The pandemic initially boosted UPS shares, but they have been in a slump since spring 2022, with a 23.6% loss since January.
Despite the decline, the company's third-quarter earnings and revenue topped Wall Street's expectations.
Author's summary: UPS cuts 48,000 jobs amidst cost-cutting efforts.