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United Parcel Service Inc (NYSE:UPS) announced better-than-expected third-quarter earnings and revenue before the open today, citing job cuts and cost-cutting initiatives.
Wall Street opened higher on Tuesday, extending its record-setting run as upbeat corporate earnings and optimism ahead of the Federal Reserve's policy meeting buoyed investor confidence. Indexes climb to new highs on broad market strength US stocks rose to new all-time highs on Tuesday, driven by a fresh wave of encouraging earnings results.
United Parcel Service (UPS) shares surged more than 10% in premarket trading on Tuesday after the world's largest package delivery firm reported a stronger-than-expected third-quarter profit and issued an upbeat forecast for the year-end holiday period. The Atlanta-based company said it expects fourth-quarter revenue of around $24 billion, topping Wall Street's consensus estimate of $23.
The company disclosed the workforce reduction in an earnings announcement. Shares rose more than 12% in premarket trading.
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