UPS to cut 20,000 jobs on likely lower Amazon shipments; first-quarter profit exceeds estimates

Open this photo in gallery: An employee works at a package sorting and delivery UPS hub in Corbeil-Essonnes and Evry, southern Paris, France, on June 26, 2018.CHARLES PLATIAU/Reuters United Parcel Service's UPS-N first-quarter profit beat market estimates and the parcel delivery giant said it will cut 20,000 jobs to lower costs in an uncertain economy and in anticipation of weak volumes from its largest customer, Amazon AMZN-Q. Shares of the company rose nearly 2 per cent before the bell on Tuesday after it said it expects to save $3.5-billion in 2025 from jobs cuts and by shutting 73 leased and…