KEY POINTS
  • UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically.
  • The company also announced 12,000 layoffs as part of an effort to align resources in 2024.
  • UPS's 2024 outlook expects revenue to range from $92 billion to $94.5 billion,

In this article

A United Parcel Service truck searches for a house driving along the coast of Cape Cod on July 24, 2023 in Orleans, Massachusetts. 

UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company also announced 12,000 layoffs as part of an effort to align resources in 2024.

The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call.

In this article