Originally Posted by ThreeSides

https://www.fool.com/investing/2023/09/24/own-ups-stock-will-get-worse-before-it-gets-better/

"What went wrong for UPS

Daily package volumes declined more than expected in its U.S. and international segments due to a slowdown in the global economy. This led to a revenue decline so far in 2023, and there's also a negative margin impact because its higher-priced next-day air and deferred delivery volumes are falling more than its ground deliveries in the U.S. Similarly, in the international segment, its higher-priced export deliveries are falling more than its domestic deliveries.

To be clear, UPS is relatively comfortable with declining volumes. A willingness to forgo less profitable deliveries is a key part of the company's "better not bigger" framework. Indeed, as illustrated below, volumes declined in 2022. Still, the difference this year is that the magnitude of the decline is so large that even ongoing increases in revenue per piece couldn't generate revenue growth for the company. It's a similar story with the international segment."