UPS cuts 48,000 jobs in the year to date as its turnaround continues

Core Insights - United Parcel Service (UPS) reported third-quarter earnings of $1.31 billion, or $1.55 per share, exceeding Wall Street expectations and reflecting a significant turnaround effort, including approximately 34,000 job cuts [1][2] - The company's revenue reached $21.42 billion, surpassing the estimated $20.84 billion [2] - UPS has realized cost savings of about $2.2 billion as of September 30, with an expectation to achieve total year-over-year cost savings of $3.5 billion by 2025 [5] Financial Performance - UPS earned $1.31 billion for the three months ended September 30, compared to $1.99 billion a year earlier, with adjusted earnings of $1.74 per share [1][2] - Revenue for the quarter was $21.42 billion, exceeding analyst expectations of $20.84 billion [2] Turnaround Efforts - The company has cut approximately 34,000 positions and closed daily operations at 93 buildings as part of its turnaround strategy [2] - UPS initially announced plans to reduce about 20,000 jobs and close over 70 facilities, with ongoing reviews to identify additional closures [3] Relationship with Amazon - In January, UPS reached an agreement with Amazon to reduce shipment volume by over 50% by the second half of 2026, marking a significant shift in their long-standing partnership [4] - The decision to reassess the relationship with Amazon came after nearly 30 years of partnership [4]