Package delivery company United Parcel Service, Inc. (UPS) experienced demand softness due to unfavorable economic conditions, leading to a sharp drop in its topline figure. For the third quarter, UPS’ total revenue declined 12.8% year-over-year to $21.06 billion, lower than the $21.46 billion expected for the period.
On the other hand, although its adjusted EPS decreased 47.5% from the prior-year period to $1.57, it still topped the analyst estimate of $1.52. UPS’ stock has come under pressure after the company cut its full-year revenue outlook from $93 billion to $91.3 billion-$92.3 billion, citing economic uncertainty.
