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Software maker cutting jobs

Thursday, July 18, 2002 | 9:57 a.m.

SAN FRANCISCO -- Business software maker Siebel Systems Inc. said Wednesday it will slash more than 1,100 jobs and reported quarterly earnings that fell well short of analysts' expectations.

The cuts, 16 percent of Siebel's 7,160-person work force, are necessary because corporate technology spending only worsened in the second quarter and figures to stay weak the rest of the year, said Thomas Siebel, chairman and chief executive.

In the quarter that ended June 30, Siebel Systems earned $29.8 million, or 6 cents per share. That marked a 61 percent drop in profit from the comparable period last year, when the company earned $76.6 million, 15 cents per share.

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