UPS Reshapes Its Future: Jobs Cut, Savings Up

UPS has been making big changes to its business. So far this year, they've cut around 48, 000 jobs. This includes about 34, 000 operational roles and 14, 000 management positions. They've also closed 93 buildings. These moves are part of their plan to save money and work more efficiently. The company recently shared its third-quarter results. They made $1. 31 billion, which is less than last year but still better than what experts expected. Their revenue was $21. 42 billion, also higher than predicted. This shows that even with fewer workers, UPS is still making good money. UPS has been reducing its work with Amazon, its biggest customer. They plan to handle much less Amazon shipments by 2026. This decision is part of their strategy to focus on more profitable areas. So far, these changes have saved UPS about $2. 2 billion. They aim to save even more, around $3. 5 billion, by next year. The stock market reacted positively to this news. UPS shares went up by more than 7% in one day. This shows that investors believe in the company's turnaround plan. However, it's important to note that saving money often means letting go of workers. This can be tough for those affected. UPS is not just cutting jobs; they're also closing buildings. They've already shut down 93 locations and might close more. This is a big change for a company that has been around for a long time. It shows that even big companies need to adapt to stay successful.