• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Digital News Updates
  • Home
  • News
  • Politics
  • Business

UPS to cut 12,000 jobs

February 3, 2024

In response to a lower-than-projected revenue, UPS has declared a significant workforce reduction of 12,000 employees. The shipping company witnessed a 7.8% decline in revenue, dropping from $27 billion to $24.9 billion over the past year. Notably, UPS experienced a 7.4% decrease in shipping within North America and an 8.3% drop internationally. CEO Carol Tome stated that the layoffs are anticipated to save the company $1 billion in costs, emphasizing the challenges faced in 2023 with declines in volume, revenue, and operating profits across all business segments.

This announcement follows UPS’s previous revelation of plans to hire 100,000 seasonal workers ahead of the holiday rush. The decision to hire additional staff was part of a negotiated deal that allowed UPS workers to accept a five-year tentative contract with increased wages.

The trend of mass layoffs has been notable in recent months, with several major companies, particularly in the Big Tech sector, simultaneously downsizing their workforce. Tech giants such as Google, Amazon, and Discord have joined the ranks of companies implementing substantial layoffs. Furthermore, other notable instances of recent layoffs include Macy’s decision to terminate 2,350 employees, constituting about 3.5% of its total workforce, and Spotify’s announcement in December to lay off around 1,500 employees, accounting for approximately 17% of its workforce.

By: Montana Newsroom staff

Filed Under: Business, Featured

Related Articles:

  • Bridger Aerospace Welcomes Executive Order to Reshape Wildland Firefighting
  • Gianforte Appoints Marta Bertoglio as Department of Commerce Director

Primary Sidebar

Digital News Updates Logo

Recent News Posts

  • North Dakota to Celebrate Grand Opening of Theodore Roosevelt Presidential Library
  • Montana Attorney General Launches Investigation into Lee Enterprises Following Cyberattack
  • VA slams Democrat governor for falsely claiming vets could be denied care
  • Montana State names 2025 presidential scholars

Recent Politics Posts

  • Gianforte Praises Supreme Court Ruling
  • Zinke Urges Interior Secretary to Act on Projected Low Flathead Lake Levels
  • Senator Daines Leads Bipartisan Push to Celebrate “Great Outdoors Month”
  • Sheehy Introduces Legislation to Compensate Service Members Discharged Over COVID Vaccine Mandate

Recent Business Posts

  • Bridger Aerospace Welcomes Executive Order to Reshape Wildland Firefighting
  • Gianforte Appoints Marta Bertoglio as Department of Commerce Director
  • Daktronics to Announce Q4 and Fiscal 2025 Results on June 25
  • Performance Engineering Earns National Honors

Copyright © 2025 Digital News Updates, All Rights Reserved.