Siebel Systems has announced its results for the quarter ended March 31, 2002. Revenues for the first quarter of 2002 were $477.8 million, compared to $487.8 million for the fourth quarter of 2001. Net income was $64.6 million compared $65.9 million for the fourth quarter of 2001. The results were generally in line with expectations, however the drop in revenues from to $246.0 million, from $250.2 million for the fourth quarter of 2001 disappointed analysts.
Revenues from maintenance, consulting, and other services were $231.8 million, compared to $237.6 million for the fourth quarter of 2001. The company’s cash, cash equivalents, and short-term investments were $1.9 billion at March 31, 2002, an increase of $221 million from December 31, 2001.