United Parcel Service's first-quarter profit beat market estimates and the parcel delivery giant said it will cut 20,000 jobs to lower costs in an uncertain economy and in anticipation of weak volumes from its largest customer,

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. The reduction in its operational workforce — a group that includes

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