Siebel on course with cutbacks

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Siebel reckons it is on track with plans to cut costs to $300 million in the current quarter, down from $310 million in the prior three-month period, as well as reducing staff numbers from from 4,928 to 4,900.

In a mid-quarter chat with financial analysts, chief executive George Shaheen and chief financial officer Ken Goldman said that the the company remains committed to an operating margin of 15 per cent.

At a time when the company is itself the subject of acquistion rumours following numerous quarters of bad results, Shaheen also denied that Siebel was interested in making its own acquistions. “They have been an important part of our success and can be an important part of our future," he commented.

"However, today our primary focus remains on improving our organic operations in the near term.While we have a strong sense of urgency, we firmly believe that shareholder value must begin with improving our financial performance, including our revenue generation”

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