CRM giant Siebel Systems Inc. announced a third-quarter loss of $92.1 million, a stark contrast to last year's third-quarter profit of $35.2 million. The sharp decline included a $109.4 million restructuring charge because of layoffs and office closings. CEO Tom Siebel also faulted the company's U.S. sales performance. "Sales execution has not been good," he said.
Mid-tier CRM provider E.piphany Inc. said its third-quarter net loss was $10.5 million, excluding various costs such as $419,000 in restructuring charges, compared with a net loss of $15.0 million in the third quarter of last year.
Bucking the downward trend, SAP reported net income of $196.1 million in the third quarter. However, the company withdrew its forecast of 5% to 10% revenue growth in 2002, citing the unpredictable political and economic environment.