UPDATE 3-Telus posts lower profit, cuts earnings outlook

* Q3 EPS C$0.87 vs C$0.89

* Cuts earnings outlook for the year, blames economy

* Revs C$2.41 billion

* Says 1,750 full-time equivalent jobs cut since December

* Shares drop 2.1 percent

(Adds details, share price)

By Wojtek Dabrowski

TORONTO, Nov 6 (Reuters) - Telus Corp (T.TO), Canada's No. 2 phone company, said on Friday quarterly profit dipped and it lowered its earnings outlook for the year because of a weak economy and stepped-up competition in wireless.

The company also revealed it had cut an equivalent of about 1,750 full-time jobs since December to reduce costs. Telus currently employs about 35,000 people.