UPS’s stock jumps after earnings beat expectations, but full-year outlook wasn’t updated given economic uncertainties.

(Bloomberg) — United Parcel Service Inc. expects to cut 20,000 jobs this year and close dozens of facilities as it dramatically reduces shipments for e-commerce giant Amazon.

United Parcel Service said it’s cutting 20,000 positions this year and it declined to update its outlook for the year due to uncertainty in the current macroeconomic environment, even as results in its latest quarter came in above expectations.