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There is a difference between ''as a result OF'' and ''as a consequence''. Compare:
e.g.1. Our expenses surged, as a result of a much bigger labor crew this month.
e.g.2. We had a bigger labor crew this month; as a consequence ( = therefore / as a result), our expenses surged.
They are substitutes if you eliminate ''OF'', to form "as a result" (refer to e.g.2). Both of them tend to be used in a formal context, particularly written, e.g. speech, research papers.
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