UPS Shares Plunge After Missing Earnings Estimates and Cutting Guidance

Higher labor costs and weaker demand contribute to a 32% drop in quarterly profit for the delivery giant.

UPS reported a 32% decline in net income for Q2 2024, falling to $1.41 billion.
Revenue for the quarter decreased to $21.8 billion, missing analysts' expectations of $22.18 billion.
The company revised its full-year revenue forecast to approximately $93 billion, down from a range of $92 billion to $94.5 billion.
Higher expenses, including a new labor contract with the Teamsters, impacted profitability.
UPS saw U.S. package volume growth for the first time in nine quarters but struggled with lower revenue per package.