Americas

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.
Sputnik
"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.
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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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