UPS says it is cutting 20,000 staff and shutting over 70 facilities

Core Insights - UPS plans to cut 20,000 jobs by 2025 as part of a cost-cutting initiative due to soft demand from major customers [1] - The company aims to save $3.5 billion in 2025 through these job cuts and the closure of 73 facilities by the end of June [1] - UPS reported a slight revenue decline to $21.5 billion in Q1 2025, down 0.7% year-over-year, while adjusted operating profit increased by 0.9% to $1.7 billion [2] - The company has withdrawn its financial guidance for the year due to uncertainties related to the impact of tariffs [2][3] Company Actions - Job cuts of 20,000 and closure of 73 facilities are part of a strategy to enhance operational efficiency [1] - The CEO stated that these actions will position UPS as a stronger and more agile company [1] Financial Performance - Q1 2025 revenue was reported at $21.5 billion, reflecting a slight decrease from the previous year [2] - Adjusted operating profit for the same period was $1.7 billion, showing a modest increase [2] Market Outlook - The company has refrained from providing a full-year financial outlook due to macroeconomic uncertainties and tariff impacts [3]