UPS to cut 12,000 jobs to save $1 billion in costs

UPS has announced 12,000 layoffs in the wake of its revenue being lower than projected.

The shipping company’s revenue decreased by 7.8%, going from $27 billion to $24.9 billion in the course of a year; shipping using UPS also went down by a noticeable amount, dipping by 7.4% in North America and 8.3% internationally. As such, the company has announced layoffs, which its CEO says will help save the company $1 billion in costs.