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Juul to cut 16% of its workforce

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E-cigarette maker Juul Labs announced plans to slash 16% of its workforce.

The cuts amount to 650 jobs, a company official said. Juul has more than 4,000 employees.

The company also will cut marketing spending as it halts U.S. product advertising.

The cuts are expected to result in savings of $1 billion.

Read more from CNBC.

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