United Parcel Service (UPS) exceeded expectations with better-than-expected results, following a major overhaul that included cutting 48,000 jobs. UPS shares rose 12.1% in premarket trading, with rival FedEx also gaining 3.2%. The company projected fourth-quarter revenue to be about $24 billion, higher than analysts’ expectations of $23.8 billion. UPS is focusing on rate hikes, cost cuts, and high-margin shipments to boost profits, especially during the peak holiday season. UPS has been closing facilities, cutting jobs, and offering buyouts to save $3.5 billion by 2025. FedEx is also cutting costs to protect margins. UPS reported an adjusted profit of $1.74 per share for the third quarter, beating analysts’ expectations.

Read more at Yahoo Finance: UPS profit tops forecasts as job cuts, turnaround efforts deliver