UPS plans to cut 12,000 jobs as a part of a plan to save $1 billion in costs, executives said Tuesday.

The layoffs will eliminate around 2.4 percent of its global workforce of roughly 495,000, with about 75 percent of the job reductions coming in the first half of 2024. Executives said they don’t expect those jobs to return.

“It’s a change in the way we work,” chief financial officer Brian Newman told investors. “So as volume returns to the system, we don’t expect these jobs to come back. It’s changing the effective way we operate.”

The company’s business has suffered, logging revenue of $24.9 billion in the fourth quarter of 2023, down 7.8 percent from the same period the year before, with executives citing softer demand.

Executives also pointed to higher labor costs. UPS last summer reached a new deal with the Teamsters that included raises of up to 55 percent over five years for certain workers.

The company’s sales outlook for 2024 also disappointed investors. The company projected revenue between $92 billion and $94.5 billion, an increase of 1 percent to 3.8 percent, but analysts had expected the outlook to be higher, according to news reports referencing financial data provider Refinitiv.

Amazon reached its fastest ever delivery speed for Prime customers last year.

The company tied the achievement to better inventory placement, a new regionalization model for shipments and growth in its network of same-day warehouses.

The company had indicated in public announcements and corporate earning calls last year that packages were arriving faster on the doorsteps of Prime members.

On Tuesday, it said the number of items delivered same day — or overnight —grew by more than 65% year-over-year in the U.S. during the fourth quarter. It also says more than 70% of Prime orders arrived same day or the next across the Atlantic in the U.K.

Most states are seeing pump prices rise this week, but Oregon continues to see prices inch down for now, according to a press release from AAA.

Gas prices are rebounding after winter weather events across the country, and crude oil prices are on the rise in response to positive economic news and more attacks in the Middle East. For the week, the national average for regular rises four cents to $3.13 a gallon. The Oregon average slips two cents to $3.62.

Bend prices averaged $3.55 for this week. A year ago the price was $3.73.

The national and Oregon averages are at their lowest prices since July 2021. All counties in Oregon except Curry ($4.25) have averages below $4 a gallon.