UPS stocks plummeted after it slashed business with the world’s largest online retailer.

UPS CEO Carol Tome said on a call with investors that Amazon is UPS’ largest customer but that it isn't its most profitable customer.

United Parcel Service Inc. shares plunged after the company projected annual revenue well below expectations, telling investors that a long-awaited rebound in demand for its parcel services won’t arrive this year and prompting it to slash its low-margin business with Amazon.

UPS projected a decline in revenue for the current year, with a key factor being plans to phase out more than half of the business it does with Amazon over the next 18 months.