Siebel sees growth in swap revenue

Margaret Kane Former Staff writer, CNET News
Margaret is a former news editor for CNET News, based in the Boston bureau.
Margaret Kane

Siebel Systems' revenue from swap deals with suppliers nearly tripled in its second quarter, the software maker reported last week in a filing with the Securities and Exchange Commission.

According to the document, Siebel earned $30.7 million in the three months ended June 2 for deals in which the company had purchased goods or services from vendors within six months of licensing software to them. That's up from $12.2 million in the year-ago period. In July, Siebel announced job cuts and reported a smaller-than-expected second quarter profit of $29.8 million on sales of $405.6 million, a 28 percent drop from the year before. Software revenue dropped almost 41 percent to $170.1 million on weak corporate technology spending.