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Cheddar News
  • 9 months ago
UPS plans to cut approximately 20,000 jobs and close 73 facilities by the end of June 2025, as it significantly reduces the volume of Amazon shipments.
Transcript
00:00UPS plans to cut approximately 20,000 jobs and close 73 facilities by the end of June 2025,
00:07as it significantly reduces the volume of Amazon shipments it handles. The decision follows a
00:14recent agreement with Amazon to decrease shipment volume by over 50% by the second half of 2026.
00:21Although Amazon remains UPS's largest customer, with its CEO emphasizing that the business with
00:26Amazon is not the most profitable, describing it as dilutive to the company's U.S. operations.
00:33The restructuring aims to enhance efficiency and reduce costs amid broader economic uncertainty,
00:38with UPS reporting a first-quarter net income of $1.19 billion and revenue of $21.55 billion,
00:48surpassing forecasts.
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