UPS Stock Rises

  • Despite growing concerns over softening demand and inflation, the shipping giant reaffirmed it was on track to meet its 2022 financial goals. Moreover, UPS will join its competitor FedEx in raising shipping rates by 6.9% due to increased costs.
  • Quarterly revenue grew by 4.2 percent compared to the third quarter of 2021, with consolidated revenues of $24.2 billion and consolidated operating profit increased by 7.5% to $3.1 billion.
  • “I want to thank UPSers around the world for their unstoppable spirit and for continuing to deliver outstanding service to our customers,” said Carol Tomé, UPS CEO, in a statement.
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