Siebel has laid off 800 staff despite bucking the high-tech trend by doubling first quarter profits.
Published: 19 April 2001 16:08 GMT
The customer service software vendor beat Wall Street expectations yesterday, reporting revenues up 84 per cent on the comparable period last fiscal year, at $588.7m.
Nonetheless, Siebel is continuing with a cutback strategy decided on last year. The company is to lose ten per cent of its workforce as it attempts to ride the wave of what chairman and CEO Tom Siebel believes is a "global recession". Siebel also said that business began to slacken drastically in February.
Executives at the company are feeling the pinch, too, with their salaries cut by 20 per cent and a freeze on bonuses.
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