2024-01-30 16:28:59
United Parcel Service has made the decision to lay off about 12,000 employees after forecasting its 2024 fiscal year results, the company said in a statement on Tuesday. It has also been announced that UPS will explore strategic options for its truckload freight brokerage business, Coyote.
We’re going to align our company to our strategy and align our resources against what’s most important, the company’s CEO Carol Dohm told stock analysts at a quarterly earnings call. UPS has branches in many countries around the world.
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Headquartered in Atlanta, Georgia, the company has one of the world’s largest workforces in Louisville, Kentucky. Currently, the company has decided to lay off around 12,000 workers globally.
Speaking about the lay off during the quarterly earnings review meeting, the company’s chairman said it was a very difficult and disappointing decision. In the last quarter of 2023 i.e. December, the total income of this company has decreased by about 32 percent.
Group revenue for UPS fell 8% to 24.9 billion (US$) and the company’s workforce was over 5 lakh, while the announced layoffs accounted for 2.4 percent of the company’s workforce. The company aims to reduce costs by around Rs 1 billion.
On the other hand, the company’s international revenue declined by 7% to 4.61 billion. Supply chain solutions sales fell 11.4% to $3.4 billion. UBS sees a 3.9% increase in revenue from 91.3 billion to 92.3 billion in the coming year, compared to a total of 90.96 billion in 2023. This is lower than the LSEG estimate of Rs 95.6 billion.
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Last Updated Jan 30, 2024, 9:58 PM IST
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