UPS profit falls 42% in 2023 due to lower activity. The logistics and distribution giant had a turnover of 90,958 million dollars, 9.3% less than the previous year.
Changes in consumer behavior, competition with logistics giants like Amazon and the evolution of demand, especially in air cargo from China, have caused a decrease in the UPS business. The company expects to grow again during fiscal year 2024, according to the forecasts it published this Tuesday. The market has reacted downward, punishing UPS's price after the figures were published, which were below expectations.