UPS beat first-quarter profit estimates and announced plans to cut 20,000 jobs to reduce costs amid economic uncertainty and expected lower volumes from Amazon, according to CNBC. The parcel delivery giant projected $3.5 billion in 2025 savings from job cuts and the closure of 73 buildings by June. President Trump’s extensive tariffs have slowed trade, prompting cost cuts and lowering demand for shipping services among parcel delivery firms. UPS declined to update its full-year outlook amid economic uncertainty, despite cutting costs. UPS faces a sharp drop in volume from Temu and Shein as new U.S. tariffs take effect May 2 on previously duty-free goods under $800 per sale.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02UBS beat first quarter profit estimates and announced plans to cut 20,000 jobs for news costs
00:07amid economic uncertainty and expected lower volumes from Amazon, according to CNBC.
00:12Parcel delivery giant rejected $3.5 billion in 2025 savings from
00:16job cuts to the closure of 73 buildings by June. President Trump's extensive tariffs
00:21have slowed trade, prompting cost cuts and lowering demand for shipping services among
00:25parcel delivery firms. UBS declined to update its full year outlook amid economic uncertainty
00:29despite cutting costs. UBS faces a sharp drop in volume from Timu and Sheen
00:34as new U.S. tariffs take effect May 2nd on previously duty-free goods under $800 per sale.
00:40For all things money, visit Benzinga.com slash GSTV.