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Original: "The company's profits have been steadily declining over the past year due to increased competition and a decrease in consumer spending. The CEO has implemented several cost-cutting measures in an effort to improve the company's financial performance. However, the effectiveness of these measures remains to be seen as the company continues to face challenges in the market."
Revised: Over the past year, the company has experienced a steady decline in profits, which can be attributed to both increased competition and a reduction in consumer spending. In response, the CEO has taken steps to implement various cost-cutting measures with the goal of enhancing the company's financial performance. Nevertheless, the effectiveness of these measures is still uncertain, as the company grapples with ongoing market challenges.
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