UPS profit beats estimates, to cut 20,000 jobs on economic worries

Reuters

Tue, Apr 29, 2025, 3:13 AM 1 min read

(Reuters) -United Parcel Service reported a better-than-expected nett for its archetypal 4th connected Tuesday and said it volition chopped 20,000 jobs to power costs against a pugnacious macroeconomic environment, sending its shares up 4% earlier the bell.

Trade tensions person prompted galore companies to clasp backmost connected spending, which successful crook has lowered the request for services betwixt firms and wounded UPS' show successful its home market.

The parcel elephantine said it was not providing immoderate updates to its full-year outlook owed to the economical uncertainty. Its first-quarter gross fell to $21.5 cardinal from $21.7 cardinal a twelvemonth ago.

The comnpany had successful January forecast full-year gross of $89 cardinal and operating borderline to beryllium astir 10.8%.

Its U.S. home conception gross grew 1.4% to $14.46 cardinal successful the archetypal quarter, driven by summation successful aerial cargo and improving gross per piece, adjacent arsenic volumes declined.

UPS postedan adjusted nett per stock of $1.49 compared with expectations of $1.38, according to information compiled by LSEG.

(Reporting by Lisa Baertlein successful Los Angeles and Abhinav Parmar successful Bengaluru; Editing by Arun Koyyur)