Shares of UPS crashed to their lowest price since 2020 after the shipping giant announced it will slash its business with Amazon.
On Jan. 30, the Atlanta-based United Parcel Service, Inc. issued its fourth-quarter earnings release summarizing the company’s performance in 2024. During a conference call accompanying the earnings release, UPS CEO Carol Tomé said the company wasn’t expecting its demand to rise in 2025 and would be reducing its business with Amazon.com Inc.
As of about 12 p.m. EST, UPS shares had fallen to $112.03 a share from an opening price of $117.39 a share. UPS stock closed at $133.78 a share on Jan. 29.
According to historical price data, UPS shares have had the lowest trading price since late June 2020.
During the conference call, Tomé said UPS had concerns about the volume and revenue concentration tied up with delivering Amazon packages. Looking ahead, she said, the company realized if it took no action, it would “drive diminishing returns.” […]
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