UPS Announces 12,000 Layoffs, Cost Cuts; May Sell Coyote Unit Amid Lower Profits and Revenue Outlook
• UPS announcing elimination of about 12,000 jobs and cost savings of $1 billion
• UPS hinting its Coyote truck load brokerage business may be put up sale
• UPS ordering employees to return to office 5 days a week this year
• UPS reporting lower than expected revenue outlook for 2024 of $92B-$94.5B
• UPS reporting drop in 4Q revenue to $24.92B and drop in 4Q profits over 50% to $1.61B