On the 28th local time, United Parcel Service announced its latest quarterly financial report, which mentioned that the company had laid off 48,000 employees in the first nine months of this year, which exceeded the company's previously announced layoff plan. United Parcel Service shares closed up about 8% on the day.

United Parcel Service said that in the first nine months of this year, through layoffs and facility closures, the company achieved cost cuts of about $2.2 billion, and it is expected to reach $3.5 billion for the whole year. Of the 48,000 employees who have been laid off, about 34,000 are drivers and warehouse workers, and the remaining 14,000 are managers. The number of layoffs of 48,000 greatly exceeds the company's previously announced layoff plan.

Earlier this year, United Parcel Delivery Services said that in the face of a decline in express logistics volume, it would shift from scale-oriented growth to higher-margin businesses, phase out low-profit businesses, and reduce Amazon package shipments. The scale of layoffs announced at that time was about 20,000. As of the end of 2024, UPS has approximately 490,000 employees worldwide.

Benefiting from the cost-cutting plan, UPS's revenue and earnings per share and other data exceeded analysts 'expectations for the fiscal quarter ended September 30, and the company's share price closed up about 8% on the 28th.