UPS Misses Q2 Earnings Expectations, Lowers Full-Year Revenue Guidance, Stock Experiences Largest Drop Since IPO

Weak demand and soft pricing in the shipping industry have led to a so-called global freight recession. UPS's Q2 profits and revenue fell short of expectations, and the company lowered its 2024 revenue guidance to around $93 billion, down from the previous forecast of up to $94.5 billion. During US trading, UPS's stock plummeted over 13%, closing down 12%.