UPS cuts margin target as new customers pick slower, cheaper delivery
United Parcel Service missed Wall Street estimates for second-quarter earnings and lowered its 2024 operating margin target on Tuesday, after two new e-commerce customers flooded its network with slower, lower-profit delivery services. Shares of the world's biggest package delivery firm, seen as a bellwether for the global economy, tumbled 12.5% in early trading and pulled shares of rival FedEx down 2%./ UPS declined to name the new customers, but its description of them as well-known shippers with "explosive" volume matches the profiles of ...
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