UPS profit falls on high labor costs, weak small-package demand
by CNBC
CNBC— reported a decline in first-quarter profit on Tuesday, as margins came under pressure from subdued demand for small-package delivery and...
Yahoo Finance—UPS profit beats estimates as cost cuts offset weak delivery demand. UPS reported a 3.2% decline in average daily volumes in its domestic segment and a 5.8% drop in its international segment, but said volumes "showed improvement through the quarter". "Revenue in both major businesses, U.S. Domestic and International, fell short of expectations," said Jonathan Chappell, equity analyst at Evercore ISI, in a research note.
Bloomberg—UPS Profit Tops Estimates as Efficiency Push Counters Labor Cost. United Parcel Service Inc. reported profit higher than analysts’ estimates as the courier’s headcount management and restructuring of its delivery routes began to bear fruit.
Yahoo Finance—Pfizer lifts profit view on cost cuts, smaller drop in demand for COVID products. Shares of the U.S. drugmaker have lost 11% of their value this year on worries over its growth after the pandemic as billions of dollars in COVID vaccine and treatment sales evaporated. Pfizer reiterated its annual revenue forecast of $8 billion from the sale of COVID-19 shot Comirnaty and anti-viral treatment Paxlovid. Revenue from Comirnaty, for which it partners with Germany's BioNTech, continues to perform consistently with its expectations, Pfizer said.