Siebel Systems Warns of Plunging Profit

Siebel Systems Inc., a San Mateo, Calif., maker of customer service software, said first-quarter net income fell as much as 95% because some customers failed to sign contracts.

Net income slid to $3 million to $5 million, from $64.6 million a year earlier, Siebel said, based on a preliminary review. Revenue was $330 million to $335 million, down from $477.9 million.

Siebel shares fell 41 cents to $7.75 on Nasdaq. Trading was halted ahead of the report.