revenue

Online Shopping Surge Delivers Record Revenue for UPS | Business News

By JOSEPH PISANI and MICHELLE CHAPMAN, AP Business Writers

NEW YORK (AP) — A surge in online shopping helped UPS post record revenue during the last three months of 2020, the company said Tuesday.

Its stock rose more than 3% in afternoon trading.

Demand for UPS and other delivery companies has spiked as more people shop online during the pandemic and avoid going into stores. Not only was the Atlanta company working to deliver gifts during the holiday season, but it also started shipping COVID-19 vaccines at the same time. To keep up, it hired thousands of more workers and

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UPS reports a 21 percent jump in revenue as online shopping surges.

United Parcel Service reported a 21 percent increase in sales, to nearly $24.9 billion, in the final three months of last year, driven in part by a supercharged online holiday shopping season.

“Our financial performance in the fourth quarter exceeded our expectations, and I thank all UPS-ers for their extraordinary efforts to deliver industry-leading service through the holidays,” Carol Tomé, the company’s chief executive, said in a statement.

Ms. Tomé, who took the helm at the company just after the pandemic began, has been putting in place a “better, not bigger” strategy, aimed at improving profit over package volume. Excluding

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