https://sputnikglobe.com/20240130/ups-announces-12000-job-cuts-worldwide-amid-steady-decline-in-revenue-1116498250.html
UPS Announces 12,000 Job Cuts Worldwide Amid Steady Decline in Revenue
UPS Announces 12,000 Job Cuts Worldwide Amid Steady Decline in Revenue
Sputnik International
United Parcel Service (UPS), an American shipping giant, will cut about 12,000 jobs around the world over the coming months amid a continued decline in revenue, Director of Financial and Strategy Communications at UPS Brian Hughes said on Tuesday.
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"In 2023, dynamic external and economic conditions led to lower volume and a more than $9 billion decline in revenue year over year. As a result, today UPS announced plans to right-size its global staffing and eliminate roughly 12,000 jobs around the world over the next several months," Hughes said in a statement to Sputnik. UPS will provide support to all employees who will lose their jobs, including severance packages and outplacement assistance, the statement added. Earlier in the day, UPS published its fourth-quarter 2023 consolidated revenues of $24.9 billion, a 7.8% decrease from $27 billion in the fourth quarter of 2022. In 2024, UPS expects its revenue to range from $92 billion to $94.5 billion, according to the company’s earnings data.
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united parcel service (ups), american shipping giant, job cuts, american economy, revenue decline
united parcel service (ups), american shipping giant, job cuts, american economy, revenue decline
UPS Announces 12,000 Job Cuts Worldwide Amid Steady Decline in Revenue
WASHINGTON (Sputnik) – United Parcel Service (UPS), an American shipping giant, will cut about 12,000 jobs around the world over the coming months amid a continued decline in revenue, Director of Financial and Strategy Communications at UPS Brian Hughes said on Tuesday.
"In 2023, dynamic external and economic conditions led to lower volume and a more than $9 billion decline in revenue year over year. As a result, today UPS announced plans to right-size its global staffing and eliminate roughly 12,000 jobs around the world over the next several months," Hughes said in a statement to Sputnik.
UPS will provide support to all employees who will lose their jobs, including severance packages and outplacement assistance, the statement added.
27 December 2023, 20:06 GMT
Earlier in the day, UPS published its fourth-quarter 2023 consolidated revenues of $24.9 billion, a 7.8% decrease from $27 billion in the fourth quarter of 2022.
In 2024, UPS expects its revenue to range from $92 billion to $94.5 billion, according to the company’s earnings data.
