"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.