Reported about 7 hours ago
In a significant move to improve profitability, UPS announced it will reduce its Amazon shipment volume by 50% starting in the second half of 2026. During a recent earnings call, UPS CEO Carol Tomé highlighted that while Amazon is their largest customer, it is not the most profitable. Following the announcement, UPS shares plummeted nearly 15%. Additionally, UPS is implementing a cost-saving initiative targeting $1 billion in reduced spending, which will involve labor cuts and facility closures.
Source: YAHOO