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Qwest Cuts 1,200

Denver-based Qwest Communications said late Wednesday that it is cutting 1,200 of its employees, or a little more than 3 percent of the firm's workforce. According to the firm, the move was made to reduce operating expenses. Exact impact on the firm's workforce in Colorado was not released. The move came after the firm reported a drop in third quarter net income to $151M, down from $2.1 billion in the same quarter last year.