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Declaring that no end to the technology slump is in sight, 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, which amount to 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. The company lowered its outlook for the current quarter and beyond.
"It's difficult to express how weak it is, in Europe, in Asia, in the United States," Siebel said in a conference call with analysts. "There's just not a lot of business being done in the information-technology market."
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