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UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company also announced 12,000 layoffs as part of an effort to align resources in 2024.

The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call.

“2023 was a unique, and quite candidly, difficult and disappointing year. We experienced declines in volume, revenue and operating profits and all three of our business segments,” Tomé said.

Shares of the package giant dipped nearly 6% in premarket trading.

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