Qwest to cut jobs, trim capital spending

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Denver--Qwest Communications International Inc., a voice and data services company, on Monday cuts its financial outlook through 2002, citing "deteriorating economic conditions," and said it would cut 4,000 jobs from its work force of 66,000. Qwest said it expects 2001 revenues to be about $20.5 billion, compared with an earlier forecast of $21 billion to $21.5 billion. Qwest slashed its capital spending for this year to $8.5 billion from about $8.8 billion. The company does plan to add 1,000 sales executives in its global business markets unit.
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