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United Parcel ServiceCNBC
•85% Informative
United Parcel Service reported profit and revenue for the second quarter that came in below expectations.
It also cut its 2024 revenue guidance to approximately $93 billion .
The company's stock was down more than 13% in midday trading, on pace for its worst day on record.
Weak freight demand and soft pricing in the shipping sector is causing what some call a global freight recession.
UPS recently snagged an air cargo contract with the United States Postal Service from rival FedEx .
UPS will become USPS ' primary air cargo provider starting Oct. 1 , after FedEx 's current contract expires.
The deal brought in $1.75 billion to FedEx in fiscal 2023 , that company said.
VR Score
92
Informative language
96
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56
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