UPS revenue tied to Amazon fell over 5% in 2023

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  • UPS’ revenue derived from Amazon fell to $10.7 billion in 2023, down 5.3% from the year prior and its lowest annual total since 2019, according to the delivery giant’s annual financial report.
  • However, the percent of UPS’ revenue tied to its top customer jumped 50 basis points as non-Amazon business experienced a sharper decline.
  • “From an Amazon perspective, we finished the year at 11.8%” of revenue, UPS CFO Brian Newman said on a January earnings call. “And that was not due to an increase in the business. We’re still executing our plan with them in terms of a glide-down.”

UPS’ Amazon revenue shrinks in 2023 but at slower pace than other business

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