Join the free TruckingTrend newsletter to see the latest news first.
The no-fluff trucking stories you need to see.
Latest News Top Stories Videos Traffic Weather

UPS to lay off 12,000 workers due to declining shipping demands

UPS, a major player in the shipping industry, announced plans to lay off 12,000 workers to cut costs amid declining parcel volumes. The workforce reduction, which is expected to save an estimated $1 billion, was revealed during an earnings call on Tuesday.

Notable cuts: These cuts, primarily impacting management and contract roles, represent a major shift as the company adapts to a softer shipping market, particularly in Europe.

  • The layoffs represent about 2.4% of UPS's global workforce of nearly half a million employees.
  • CEO Carol Tomé cited both the economic landscape and a disappointing volume decrease as factors behind the decision.

Dropping figures: UPS's revenue in Q4 of 2023 dipped to $24.9 billion, a 7.8% decrease from the previous year's quarter, marking a significant drop in package handling domestically and abroad.

Strategic shifts: Apart from layoffs, UPS is contemplating the sale of the Coyote truck brokerage unit, viewed as a volatile earnings contributor.

Financial outlook: Looking ahead into 2024, with expected revenues between $92 billion and $94.5 billion, UPS aims for an adjusted operating margin of roughly 10% to 10.6%.

Despite these challenges, UPS's leadership continues to project confidence in the company's resilience and long-term strategy.

Cybersecurity risks in trucking: Experts warn of ELD vulnerabilities

A Colorado State University study exposes cybersecurity threats in the trucking industry through vulnerable Electronic Logging Devices that could risk vehicle control and data security.
Read more ⟶

Atchafalaya Basin Bridge update ends split speed limits for trucks and cars

Louisiana's Atchafalaya Basin Bridge implements a uniform 60 mph speed limit for all vehicles and sets right-lane-only rules for trucks to enhance road safety.
Read more ⟶

FMCSA studies detention time's impact on trucker safety and efficiency

FMCSA initiates a study to understand the impact of shipping delays on truck driver safety and commercial vehicle operations, focusing on detention time and its effects on compliance, safety, and economic costs.
Read more ⟶