United Parcel Service (UPS) reported third-quarter earnings of $1.55 per share, surpassing expectations and showing a significant improvement from the previous year’s $1.80 per share. The company also disclosed plans to cut around 34,000 jobs as part of its turnaround strategy. Shares surged more than 12% following the announcement.

Revenue for UPS totaled $21.42 billion, exceeding Wall Street’s estimate of $20.84 billion. The company has already eliminated 34,000 positions and closed operations at 93 buildings this year, with plans to shutter more facilities moving forward. UPS aims to achieve $3.5 billion in cost savings by 2025.

In April, UPS revealed plans to slash 20,000 jobs and close over 70 facilities to reduce Amazon shipments. The company had previously announced a deal with Amazon to decrease its volume by more than 50% by 2026. CEO Carol Tomé stated that after nearly 30 years of partnership, UPS decided to reevaluate its relationship with Amazon, resulting in significant cost savings for the company.

Read more at Yahoo Finance: UPS 3Q results top Street; gives details of turnaround efforts, including 34,000 job cuts