BUSINESS

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

UPS shares jumped more than 7% Tuesday after the company posted third-quarter results that beat forecasts and detailed sweeping cutbacks. The Atlanta shipper reported $1.31 billion in profit, or $1.55 per share, and $21.42 billion in revenue; adjusted earnings of $1.74 per share topped Zacks' $1.31 estimate. UPS said about 48,000 job cuts are planned or underway, including 34,000 operational positions, alongside daily shutdowns at 93 buildings, with more closures possible. The turnaround, amid a scaled-back Amazon relationship, has delivered $2.2 billion in savings toward a $3.5 billion 2025 goal.

Reviewed by JQJO team

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