UPS plans to cut approximately 20,000 jobs and close more than 70 facilities as it reduces its handling of Amazon shipments. The package delivery giant announced that it expects to make these job cuts this year and anticipates closing 73 leased and owned buildings by the end of June. CEO Carol Tomé stated that reconfiguring the network and reducing costs will strengthen UPS’s position. In January, UPS reached an agreement with Amazon to reduce shipment volumes by over 50% by mid-2026. Although Amazon is UPS’s largest customer, the relationship is not the most profitable. UPS employs roughly 490,000 workers. First-quarter financial results showed earnings of $1.19 billion, or $1.40 per share, beating analyst expectations. Revenue totaled $21.55 billion, surpassing Wall Street estimates. UPS has not updated its full-year outlook due to macroeconomic uncertainty.
— new from WDBJ
