The job cuts in 2024 are continuing.UPS is set to reduce its headcount by 12,000 jobs in 2024 following a historic pay agreement with its drivers.UPS CEO Carol Tomé cited soft demand and the recent labor contract as reasons for missing analysts' expectations on a Tuesday earnings call. The subsequent moves are a part of the company's "fit to serve" initiative, and Tomé said it will save UPS $1 billion in 2024.Three-quarters of the layoffs will take place in the first half of the year. About 14% of the shipp ...

For the quarter ended December 2023, United Parcel Service (UPS) reported revenue of $24.92 billion, down 7.8% over the same period last year. EPS came in at $2.47, compared to $3.62 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $25.31 billion, representing a surprise of -1.54%. The company delivered an EPS surprise of +1.23%, with the consensus EPS estimate being $2.44.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

United Parcel Service (UPS -7.70%) failed to deliver for investors this earnings season, and the stock is trading off as a result. Shares of UPS opened down 8% on Tuesday on weak revenue and tepid guidance for 2024.Weakness across the boardUPS came into earnings season under a lot of scrutiny. As 2023 progressed investors grew increasingly concerned about the strength of the economy, and with it shipping volumes. The company's quarterly results and outlook did little to ease those concerns.UPS earned $2.47 ...

United Parcel Service (NYSE:UPS) layoffs are coming for the delivery company’s employees in 2024 after the company reported lackluster earnings on Tuesday.The United Parcel Service layoffs will result in the company cutting 12,000 jobs after it saw package volume decrease during its previous quarter. That includes both 7.4% domestic and 8.3% international shipping declines.The UPS layoffs are part of the company’s effort to adjust its resources for a better 2024. The job cuts will also help it reduce spendi ...

Key TakeawaysUnited Parcel Service's (UPS) fourth-quarter results were weighed down by lower shipping volumes and additional charges.Net income was more than halved to $1.61 billion.A $512 million charge shaved off 60 cents per share from earningsFourth quarter revenue declined 7.8% to $24.9 billionUnited Parcel Service's (UPS) fourth-quarter results were weighed down by lower shipping volumes and additional charges. The company's shares fell more than 6% in pre-market trading.Net income fell 54% compared t ...

Topline UPS plans to reduce its workforce by some 12,000 employees, the shipping giant announced on its fourth quarter earnings call Tuesday after it fell short of expectations at the end of last year.Reducing the workforce will save the shipping giant about $1 billion. AP/LM Otero Key FactsThe reduction in employees will save the company about $1 billion, CEO Carol Tomé said on the Tuesday company earnings call, according to multiple reports. This is a breaking story and will be updated. Further Reading ...

United Parcel Service Inc (NYSE: UPS) says it will lower its headcount by more than 2.0%. Shares of the shipping company are trading sharply in the red at writing.How many employees will be laid off?Copy link to sectionThe company based out of Atlanta, Georgia will lay off about 12,000 of its employees in total. Carol Tome – the chief executive of United Parcel Service expects the move to deliver some $1.0 billion in savings.The news arrives months after UPS reached a deal with Teamsters – a labour union th ...

Key PointsUnited Parcel Service reported another mixed quarter with top-line weakness and less-than-expected guidance.The trend in analysts' sentiment is bearish and expected to continue in 2024. Capital returns are safe for this high-yield stock, but the value may get much better soon. 5 stocks we like better than United Parcel ServiceUnited Parcel Service NYSE: UPS shares fell sharply following the Q4 results and 2024 guidance, confirming resistance at a critical level. The technical signal is bearish and ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

A United Parcel Service truck searches for a house driving along the coast of Cape Cod on July 24, 2023 in Orleans, Massachusetts.UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. Shares of the package giant dipped nearly 7% 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, form ...