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Depending on the PDF contents, if the source is an image that's already compressed (such as JPEG or CCITT G4), re-compressing it will not reduce the size in most cases.
However, if the source contains images (pictures) of text, it can be reduced significantly if you convert the images to actual text and save it without the original images.
To do the conversion from images to text, you will need to perform optical character recognition (OCR) using a good OCR engine such as Leadtools.