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Sapient to cut 20% of workforce, issues warning

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Cambridge, Mass.--Internet consultancy Sapient Corp. plans to axe 20% of its work force, or 720 people. "The economic environment in North America has become much tougher than we expected," said Jerry A. Greenberg, Sapient's co-chairman and co-CEO, in a statement. The company will also shutter its Sydney office. Sapient issued a warning that first quarter 2001 revenues will be 20% lower than the analyst consensus estimate of $136 million.
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