US EditionUPS Announces Job Cuts, Cost Savings Ahead of Holiday Delivery Season
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6 Articles
UPS announces job cuts, cost savings ahead of holiday delivery season
UPS has delivered a mixed bag of economic news ahead of the busy holiday season. The company said it has cut 48,000 jobs this year, more than twice as many as it announced in April, but has racked up cost savings of about $2.2 billion. “We are executing the most significant strategic shift in our company’s history,” Carol Tomé, the company’s chief executive, said. “And the changes we are implementing are designed to deliver long-term value for a…
UPS bullish for Q4 amid ‘cost saving’ initiatives
Amid the cull of 4% of its workforce, UPS assured compliance with its Teamsters contract and boasted further cost saving measures when announcing its Q3 performance. Year on year, third-quarter consolidated revenues hit $21.4bn, and while up on last quarter’s $21.2bn, this represented a year-on-year decline of 2.6%, with the company pointing to volume declines, although it noted that this had to some extent been mitigated by higher revenue per p…
Its quarterly turnover reached US$21.41 billion. The post UPS exceeds expectations at the 3T appeared first on Les Affaires.
United Parcel Service (UPS) released better than expected results on Tuesday, an early sign that the company's restructuring, which included the cut of 48,000 jobs, was progressing after several difficult low-volume quarters. UPS shares advanced by 12.1% in pre-market opening operations and its competitor FedEx also added up to 3.2 per cent. UPS shares have fallen by 28% since the beginning of the year.
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