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United Parcel Service (UPS) recorded a slump in both profit and revenue for its fiscal first quarter.
Amazon now comprises less than 9% of UPS revenue, down from over 13% recently.
KEY POINTS
- Small and medium businesses made up a record 34.5% of UPS U.S. volume in Q1.
- UPS reported a 6.5% domestic and 10.7% international increase in revenue per piece.
- UPS remains on track for $3 billion in cost savings by 2026, reducing 25,000 positions year-over-year.
- CEO Carol Tomé indicated Q1 marks the trough, with profit growth expected next quarter.
COMPANIES
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