UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to
save $1 billion costs. Managers and contractor positions will make up
most of the layoffs.
The job cuts come as UPS issued a disappointing sales outlook for this
year, saying it expects global revenue of between $92 billion to $94.5
billion. That would be up from the $91 billion in revenue it reported
for 2023, but analysts surveyed by Refinitiv had been expecting
revenue of at least $95.6 billion.
UPS lost business last year as customers concerned about a possible
strike by the Teamsters shifted shipments to rival carriers, such as
FedEx. Although UPS said it expects to get most of that business back,
it had won back only about 60% of that lost business.
https://www.cnn.com/2024/01/30/investing/ups-job-cuts/index.html
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