UPS saw its second quarter revenue and profit decline compared with a year ago as it faces trade volatility and decreased U.S. shipping volumes.

The shipping giant reported $1.28 billion in net income for the second quarter, down nearly 9% from $1.4 billion a year ago.

Its quarterly revenue was $21.2 billion, nearly 3% from $21.8 billion a year earlier.

UPS CEO Carol Tomé said the company is operating in “what continues to be a dynamic and evolving trade environment” and said the results reflect “the complexity of the landscape and the strength of our execution.”

The company earlier this year announced a more than 50% cutback in volume it moves for Amazon — which Tomé said is the largest customer for UPS, but “not our most profitable customer.”

UPS saw a decline in quarterly package volumes, which it partially offset with higher shipping rates.

The company also saw a decline in revenue in its supply chain business, after selling its Coyote Logistics freight brokerage unit last year.

UPS declined to forecast its future revenue and operating profit, citing “macro-economic uncertainty.”

Earlier this year, UPS said it would cut 20,000 jobs and close 10% of its buildings amid a cutback in its deliveries for Amazon and a larger push to make the network more “efficient.”

It expects to reduce expenses by $3.5 billion this year, and has closed 74 leased and owned buildings so far. The company also cut 12,000 management roles last year.

Earlier this month, UPS announced it would offer voluntary buyouts to all of its full-time drivers for the first time in its history.

The shipping giant said it was navigating “an unprecedented business landscape” and a massive network reconfiguration.

The Teamsters union, which represents about 340,000 UPS employees, urged its members to reject the buyout offers. Teamsters General President Sean O’Brien called the offers “illegal and haphazard.”

The package, which would be in addition to any earned retirement benefits, provides $1,800 per year of service at UPS, regardless of tenure — with a minimum payout of $10,000 and no cap.

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