Slipping sales drag Siebel into the red

Business software provider Siebel Systems has posted a net loss for the first quarter of $4m (£2.2m) after failing to clinch a...

Business software provider Siebel Systems has posted a net loss for the first quarter of $4m (£2.2m) after failing to clinch a number of key deals for its customer relationship management software.

The loss compares with a net profit of $31m for the same quarter last year, and comes after the company ousted its chief executive officer earlier this month, after less than one year in the hot seat.

The loss is also partly down to Siebel taking a $10.9m charge for its acquisition of Edocs, a supplier of electronic billing and customer service software. 

Sales were also down. Turnover was $298.9m compared with $329.3m for the same quarter last year.

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