Siebel loses momentum
- Reduce text size Decrease text size
- Increase text size Increase text size
- Print article Print
- Jump to comments Comment
- Share this article Share
- Email article to a friend Email
Full-year revenue and profit growth at Siebel was overshadowed by concerns that the CRM leader was struggling to sell new software licences.
Full-year revenue and profit growth at Siebel Systems was overshadowed by concerns that the customer relationship management software leader was struggling to sustain its customer win-rate. For the year to December 2001, Siebel reported a rise in net income to $254.6 million from $221.9 million in 2000, as sales climbed 14% to $2.0 billion.
But Siebel's disappointing fourth-quarter performance – both profits and revenues fell 17% to $65.9 million and $481.4 million respectively – drew criticism. CEO Tom Siebel was quick to dismiss suggestions that rivals Oracle and PeopleSoft, both of which are moving aggressively into the CRM market, were stealing market share.
But despite a steady stream of new product releases and major upgrades, licence sales plunged 31% to $250.2 million in the fourth quarter.
