Shares of United Parcel Service (UPS) tumbled Tuesd🐟ay after the shipping giant reported second-quarter earnings that💖 were lower than analysts expected, amid a pullback from pandemic highs for package deliveries.

Revenue from the company's shipping operations fell just over 1% from the same time last year to $21.8 billion, while analysts had expected revenue to rise to $22.18 billion, according to estimates compiled by Visible Alpha.

Profits fell by a wider margin, as UPS reported a 32% drop in 澳洲幸运5官方开奖结果体彩网:net income to $1.41 billion, down from $2.08 billion the same time last year and below estimates.

Shares of UPS weಌre recently down more than 13%, falling to their lowest levels since 2020.

UPS Na🗹rrows Revenue Outlook, Re𝓡starts Buyback Program

UPS narrowed its revenue outlook for the full fiscal year, projecting revenue of roughly $93 billion, compared to a previously projected range of $92 billion to $94.5 billion. The company also lowered projections for its adjusted 澳洲幸运5官方开奖结果体彩网:operating margin to roughly 9.4% for the year, below previous projections of 10% to 10.6%.

CEO Carol Tomé said Tuesday that UPS returned to growth in terms of shipping volume for the first time in nine quarters, suggesting the normalization from pandemic highs could be nearly complete for UPS and 澳洲幸运5官方开奖结果体彩网:shipping rivals like FedEx (FDX). Tomé said the gr🃏owth should allow UPS to ret😼urn to growing its profits in the second half of 2024.

Executives said that 澳洲幸运5官方开奖结果体彩网:customers were trading down, picking lower-cost services including SurePost, its "budget" business-to-consumer offeri�🔜�ng.

UPS also announced plans to restart its 澳洲幸运5官方开奖结果体彩网:stock buyback program with $500 million over the rest of 2024, with plans to target $1 billion📖 an🐻nually going forward.