EXPRESS giant ups announced it will cut around 20,000 jobs as a result of its decision to reduce its business with e-commerce platform Amazon.
While announcing its first quarter results, the company revealed its plans to reduce headcount, saying the move could save around US$3.5 billion, in combination with closing 73 owned and leased buildings.
One of the reasons given for the job cuts was the decision to reduce its business with Amazon by 50 per cent by the second half of 2026 as part of efforts to improve profitability.
UPS chief executive Carol Tome said: 'The actions we are taking to reconfigure our network and reduce costs across our business could not be timelier. The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS.'
During the quarter, the company saw revenues fall by 0.7 per cent year on year to $21.5 billion primarily as a result of its decision to sell Coyote Logistics.
Operating profit was up 3.3 per cent year on year to $1.7 billion and net income improved by 6.6 per cent to $1.2 billion, reports London's Air Cargo News.
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While announcing its first quarter results, the company revealed its plans to reduce headcount, saying the move could save around US$3.5 billion, in combination with closing 73 owned and leased buildings.
One of the reasons given for the job cuts was the decision to reduce its business with Amazon by 50 per cent by the second half of 2026 as part of efforts to improve profitability.
UPS chief executive Carol Tome said: 'The actions we are taking to reconfigure our network and reduce costs across our business could not be timelier. The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS.'
During the quarter, the company saw revenues fall by 0.7 per cent year on year to $21.5 billion primarily as a result of its decision to sell Coyote Logistics.
Operating profit was up 3.3 per cent year on year to $1.7 billion and net income improved by 6.6 per cent to $1.2 billion, reports London's Air Cargo News.
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