A shift in strategy by US integrators – 'they're going after volume'
Recent actions by UPS and FedEx reflect a challenging market environment: a focus on shedding ...
Late 2023 for UPS was dominated by plans to trim costs by laying off 12,000 more staff and, possibly, getting rid of its struggling freight brokerage business.
The integrator’s revenue in the fourth quarter was 7.8% down on a year earlier, to $24.9bn, missing analysts’ targets, while consolidated operating profit slumped 22.5%, to $2.5bn, producing net income of $1.61bn.
Over the full year, revenue fell 9.3%, to $91bn, and operating profit dropped 30.2%, to $9.1bn.
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