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Siebel to Cut 490 Jobs, Reports Lower Profit

July 23, 2003|From Associated Press

Business software maker Siebel Systems Inc. said it would shed an additional 490 workers to boost sagging profit.

The planned cuts represent 9% of Siebel's 5,500 employees. As part of its overhaul, Siebel said it would close offices and shift some operations outside the U.S.

With the latest purge, Siebel will have cut 2,400 employees, or nearly one-third of its workforce, since the end of 2001.

For the second quarter, San Mateo, Calif.-based Siebel reported earnings of $9.7 million, or 2 cents a share, off sharply from net income of $29.8 million, or 6 cents, in the same period last year. Revenue totaled $333.3 million, down from $405.6 million last year.

Siebel's shares rose 29 cents to $9.22 on Nasdaq.

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