Atlanta-based UPS to cut 12,000 jobs 5 months after reaching union deal as revenue outlook disappoints

A United Parcel Service truck is parked on a street, in New York, Thursday, May 11, 2023. Shares of UPS are falling before the market open on Tuesday, Jan. 30, 2024, as the package delivery company gave a weaker-than-expected full-year revenue forecast. (AP Photo/Richard Drew, File)

This story was updated at 10:07 a.m.

UPS will cut 12,000 jobs and released a revenue outlook for this year that sent its shares down sharply at the opening bell.

The company also hinted that its Coyote truck load brokerage business may be put up for sale.