UPS stock jumped 10% after beating profit expectations and announcing cost-cutting measures. The company plans to cut 34,000 jobs in an effort to streamline operations and improve efficiency. UPS reported a net income of $2 billion in the third quarter, exceeding analyst estimates. The company’s cost-cutting measures are expected to save $1 billion by 2023.

Read more at Yahoo Finance: UPS Soars on Profit Beat, Cost Cutting, 34,000 Job Cuts