United Parcel Service (NYSE: UPS) failed to deliver for investors this earnings season, and the stock is trading off as a result. Shares of UPS opened down 8% on Tuesday on weak revenue and tepid guidance for 2024.

UPS came into earnings season under a lot of scrutiny. As 2023 progressed investors grew increasingly concerned about the strength of the economy, and with it shipping volumes. The company's quarterly results and outlook did little to ease those concerns.

UPS earned $2.47 per share in the fourth quarter, a penny ahead of estimates, but revenue of $24.9 billion was nearly $500 million short of expectations. The company also forecast sales of $92 billion to $94.5 billion in 2024, shy of the $95.57 billion consensus.

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Source Fool.com