United Parcel Service posted third-quarter results that handily beat Wall Street's expectations and gave details about its turnaround efforts, including approximately 48,000 job cuts.

Shares rose more than 7% in afternoon trading on Tuesday.

UPS earned $1.31 billion, or $1.55 per share, for the three months ended Sept. 30. The Atlanta-based company earned $1.99 billion, or $1.80 per share, a year earlier. Removing one-time costs, earnings were $1.74 per share.

That easily topped the $1.31 per share that analyst polled by Zacks Investment Research were calling for.

Revenue totaled $21.42 billion, surpassing Wall Street's estimate of $20.84 billion.

UPS said in a regulatory filing that it has cut about 34,000 operational positions and closed daily operations at 93 leased and owned build

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