New Delhi, Oct. 29 -- Atlanta-based logistics giant UPS has eliminated 48,000 jobs since last year in a sweeping restructuring effort aimed at boosting profits and regaining investor confidence, the company said on Tuesday.

The delivery major - which employed nearly half a million people at the start of 2024 - confirmed that 34,000 cuts were made this year across its US driver and warehouse workforce, while another 14,000 management roles were axed beginning last year.

The announcement came alongside better-than-expected third-quarter earnings, sending UPS shares soaring over 7% in afternoon trading.

"We are executing the most significant strategic shift in our company's history, and the changes we are implementing are designed to deli...