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Siebel: No New Layoffs
Goldman says that Siebel Systems Inc. is seeing improved buying patterns from its customers.
Posted Nov 7, 2002
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Siebel CFO Ken Goldman said Wednesday at the Merrill Lynch Software Conference in Monterey, CA., that the company plans no further layoffs or corporate restructuring. Goldman also noted that the CRM giant, who reported sagging sales in recent quarters, is seeing improved buying patterns from its customers. However, Goldman qualified the statement by making the claim that companies are still finding it easier to defer software contracts than to actually sign such deals. In July Siebel said it would cut about 1,200 jobs, which reduced the company to approximately 6,000 employees at the end of its third quarter, ended September 30. Goldman said Siebel hasn't given up on its goal of 25 percent to 35 percent sales growth once the technology slump ends and customers start increasing their purchases. He added that Siebel has an interim goal of expanding its operating margins to 15 percent, and eventually to 20 percent once there is any "reasonable revenue growth." Although Siebel has not met its internal sales targets for 2002, Goldman said revenue will increase. He also said there is room to increase sales without expanding the sales force.
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