Last month, a significant majority of 97% of UPS Teamsters voted in favor of authorizing a strike in the event that the parcel delivery company fails to present a satisfactory contract for the workers. National negotiations between the Teamsters and UPS commenced on April 17.
In the US parcel shipping market, UPS holds a market share of 24% based on parcel volume as of 2022. It is the second-largest player in the market, trailing only behind the US Postal Service, which holds a 32% market share.
The potential strike has the potential to further impact the already underwhelming financial performance of UPS. In the first quarter of 2023, the company reported an operating profit of $2.5 billion, representing a decline of 21.8% compared to the same period in the previous year. The reduced volume can be attributed to a slowdown in US retail sales and weakened demand in Asia.
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In the US parcel shipping market, UPS holds a market share of 24% based on parcel volume as of 2022. It is the second-largest player in the market, trailing only behind the US Postal Service, which holds a 32% market share.
The potential strike has the potential to further impact the already underwhelming financial performance of UPS. In the first quarter of 2023, the company reported an operating profit of $2.5 billion, representing a decline of 21.8% compared to the same period in the previous year. The reduced volume can be attributed to a slowdown in US retail sales and weakened demand in Asia.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.