United Parcel Service (UPS) said on Tuesday it will slash 20,000 jobs and close more than 70 facilities to lower costs as it braces for less Amazon shipments, due to global economic uncertainty and changing consumer habits.

The package delivery company said in addition to the job cuts, it would shut at least 73 owned and leased locations this year by the end of June, perhaps more, and expects to save $3.5 billion in 2025 from the cost-cutting measures.

UPS’ first-quarter revenue fell slightly to $21.5 billion, but the company still beat Wall Street earnings expectations of $21.05 billion, according to the data firm London Stock Exchange Group (LSEG), per Reuters.

Shares of the company (NYSE:UPS) rose nearly 2% before the market opened on Tuesday. The stock was down less than 1% in midday trading at the time of this writing.

‍

Read the full article here.