Copyright indiatimes
ReutersUnited Parcel Service lay offs. (Reuters photo) United Parcel Service said on Tuesday it has cut 34,000 jobs over the first nine months of this year, Reuters reported. WSJ reported that UPS is cutting 48,000 jobs in management and operations. United Parcel Service shares rose 11 per cent in premarket trading. UPS shares are down about 28 per cent since the start of the year. UPS has been shuttering hundreds of facilities, slashing thousands of jobs and offering buyouts to its union drivers as part of its largest-ever overhaul aimed at reducing $3.5 billion in costs in 2025. This comes at a time when Amazon and Target have announced major job cuts.The company reported an adjusted profit of $1.74 per share for the three months ended September 30, beating analysts' average expectations of $1.30. Atlanta-based UPS reported consolidated revenue of $21.41 billion, above expectations of $20.83 billion.It reported an adjusted consolidated operating margin of 10 per cent, up from 8.8 per cent in the second quarter. That margin was 6.4 per cent, down from 7 per cent in the second quarter, in the domestic segment, its largest. The company expects adjusted operating margin for the fourth quarter to be between 11 per cent and 11.5 per cent.United Parcel Service beat analysts' estimates for third-quarter profit and forecast revenue above Wall Street expectations for the holiday season on Tuesday, banking on price increases to offset soft business-to-business demand in the U.S.The forecast and the profit beat signal early progress in UPS' efforts to rebuild margins and stabilize volumes after a bruising year marked by tariff-related volume slump, the end of "de minimis" exemptions and rising costs.Live EventsThe company projected revenue to be about $24 billion for the fourth quarter. Analysts on average were expecting quarterly revenue of $23.8 billion, according to data compiled by LSEG."The reintroduction of a 4Q guide, and one that points to upside to consensus, will likely add to the covering event today," said Evercore ISI analyst Jonathan Chappell, adding that expectations were "very low" coming into the print.The world's biggest parcel delivery firm is now leaning on rate hikes, cost cuts and a sharper focus on high-margin shipments to steady its business ahead of the crucial holiday season.The company has accelerated efforts to reduce the number of packages it delivers for its top customer, Amazon.com, to boost its profit margins.The small package delivery business that UPS dominates is also under pressure from frozen corporate decision-making and subdued consumer sentiment as they adapt to the economic fallout from President Donald Trump's changing trade policies.The peak holiday shipping and return season, when UPS daily average volumes can double, spans from November to the end of January.FAQsQ1. Is there any UPS lay off?A1. Yes. There are UPS lay offs.Q2. How has United Parcel Service performed?A2. United Parcel Service reported an adjusted profit of $1.74 per share for the three months ended September 30, beating analysts' average expectations of $1.30. Atlanta-based UPS reported consolidated revenue of $21.41 billion, above expectations of $20.83 billion.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onUPS lay offsUnited Parcel ServiceUnited Parcel Service lay offsUPS lay offs latest newsUPS job cutsUnited Parcel Service job cuts (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onUPS lay offsUnited Parcel ServiceUnited Parcel Service lay offsUPS lay offs latest newsUPS job cutsUnited Parcel Service job cuts(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates....moreless Explore More Stories123
