UPS to cut 12,000 jobs and released revenue outlook for this year that sent its shares falling sharplyByMichelle Chapman AP Business WriterJanuary 30, 2024, 8:30 am ET• read 2 minutesUPS will cut 12,000 jobs and released a revenue outlook for this year that sent its shares falling sharply. On a conference call Tuesday morning, CEO Carol Toome said UPS would save $1 billion in costs by reducing the company's workforce. It estimates revenue in 2024 will be between about $92 billion and $94.5 billion, below Wall Street's expectations of more than $95.5 billion. UPS shares fell more than 8% on Tuesday. That's slightly below Wall Street's estimate of $25.31 billion, according to a survey of analysts by FactSet.

Source: ABC News January 30, 2024 17:50 UTC