FedEx and Amazon partner-up again in new deal to move large parcels
Six years after going their separate ways, FedEx and Amazon have hooked up again, to ...
WTC: RIDE THE WAVEFDX: TOP EXEC OUTPEP: TOP PERFORMER KO: STEADY YIELD AND KEY APPOINTMENTAAPL: SUPPLIER IPOCHRW: SLIGHTLY DOWNBEAT BUT UPSIDE REMAINSDHL: TOP PRIORITIESDHL: SPECULATIVE OCEAN TRADEDHL: CFO REMARKSPLD: BEATING ESTIMATESPLD: TRADING UPDATEBA: TRUMP TRADE
WTC: RIDE THE WAVEFDX: TOP EXEC OUTPEP: TOP PERFORMER KO: STEADY YIELD AND KEY APPOINTMENTAAPL: SUPPLIER IPOCHRW: SLIGHTLY DOWNBEAT BUT UPSIDE REMAINSDHL: TOP PRIORITIESDHL: SPECULATIVE OCEAN TRADEDHL: CFO REMARKSPLD: BEATING ESTIMATESPLD: TRADING UPDATEBA: TRUMP TRADE
And so it starts. UPS, while announcing a better-than-expected profit, also enthused investors with its announcement of 20,000 job cuts this year – 4% of its workforce. The pain would be domestic, it said. It will reconfigure its network, triggering the job losses and closure of some facilities, in part because of the loss of volumes from its largest customer, Amazon.
The company will close 73 leased and owned buildings by the end of the year. The cuts will cost it up to $500m, but save it some $3.5bn this year, but more closures may be on the cards, reports MorningStar.
UPS added that it could reconsider its pension plan obligations. And it is not providing any updates to its full-year outlook due to the economic uncertainty. You can read its Q1 earnings report here.
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