United Parcel Service (UPS) cut its sales outlook after revenue slipped in the third quarter because of a slowdown in global demand for shipping.
The package-delivery company’s stock dropped 3.5% to under $142 in premarket trading. Shares were already down more than 15% this year through Wednesday’s market close.
Chief Executive Carol Tomé said macroeconomic factors weighed on demand for UPS’ services in the quarter. She said shipping volumes, which were hit earlier this year as the company negotiated with the International Brotherhood of Teamsters, were starting to recover.
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