UPS Job Cuts and Cost-Cutting Efforts
United Parcel Service (UPS) has eliminated 48,000 jobs in the first nine months of the year as part of its cost-cutting measures.
The company, led by CEO Carol Tomé since 2020, aims to reach a $3.5 billion cost-cutting target amidst declining revenue and earnings.
UPS reported third-quarter earnings of $1.3 billion and revenue of $21.4 billion, both of which were declines but exceeded Wall Street's expectations.
The end of the de minimis exemption and tariffs have been a one-two punch eroding UPS' core business in 2025.
The company's shares have been in an extended slump since the spring of 2022, including a 23.6% loss since January, as package volumes have decreased with the waning of the pandemic.
Author's summary: UPS cuts 48,000 jobs amidst cost-cutting efforts.
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