Core Viewpoint - UPS announced plans to lay off 20,000 employees to reduce costs, reflecting broader economic challenges faced by various companies in the first quarter of the fiscal year [1] Group 1: Company Actions - UPS is implementing a significant workforce reduction of 20,000 employees as part of its cost-cutting measures [1] Group 2: Industry Trends - In the first two weeks of the earnings season, approximately 40 companies globally have withdrawn or lowered their earnings forecasts for 2025, indicating a trend of caution among major corporations [1] - Companies that adjusted their earnings outlook include General Motors, Volvo, Kraft Heinz, Logitech, and JetBlue, highlighting a widespread impact across various sectors [1]