United Parcel Service (UPS) plans to cut 12,000 jobs and explore strategic options for its truckload freight brokerage business, Coyote, following a disappointing year. UPS aims to reduce costs by $1 billion. The company's shares fell 6.3% after it forecasted full-year revenue below estimates. Despite expecting weak business conditions until the second half of 2024, UPS said it has been winning back business from rivals, with 60% of lost business returning. The company also faces challenges from declining daily volume, labor costs, and a shift to ground-based delivery. UPS reported a decline in revenue from its air-based international segment and adjusted profit for the fourth quarter.
