United Parcel Service on Thursday reported profit and revenue for the second-quarter that came in below expectations
Weak freight demand and soft pricing in the shipping sector is causing what some call a global freight recession.A person walks into a UPS customer center on April 1, 2024 in Los Angeles, California.on Thursday reported profit and revenue for the second-quarter that came in below expectations and cut its 2024 revenue guidance. Shares were down 7% in premarket trading.
The company also recently entered into an agreement to acquire Mexican express delivery company Estafeta, as it continues to expand its international presence.compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:$21.8 billion vs. $22.18 billion expected Revenue also fell to $21.82 billion, down from $22.06 billion a year earlier, mainly due to declines in the company's domestic and international segments.