UPS rises after Q1 results beat, to cut 20,000 jobs

Shares of United Parcel Service UPS.N rise 4% to $101 premarket

UPS beat estimates for Q1 profit and revenue, says will cut jobs as it moves to control costs against a tough macroeconomic environment

Co expects to cut workforce by about 20,000 jobs in 2025 and close 73 leased and owned buildings by end of June; expects to generate $3.5 bln of cost savings

UPS posts Q1 adj. EPS of $1.49, ahead of analysts' average estimate of $1.38, according to data compiled by LSEG

Q1 revenue $2.16 bln vs estimate of $2.11 bln, per LSEG data

As of last close, stock had fallen 23% YTD