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Software // Enterprise Applications
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3/4/2003
02:07 PM
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PeopleSoft Slides In 1Q

A now-familiar footnote to the earnings reports from software companies: Maintenance and service fees increased, while other areas are fairly flat.

Like so many of its competitors, PeopleSoft Inc. Tuesday reported less-than-stellar financial results for its first quarter, ended March 31. The enterprise software vendor reported a profit of $38.5 million on revenue of $460.3 million, compared with a profit of $44.5 million on revenue of $483.3 million a year ago.

Revenue from software licensing dropped to $80.8 million, compared with $133.3 million the same quarter last year. Services revenue, which includes maintenance revenue and professional services, went up slightly, to $379.4 million, compared to $342.4 million last year.

PeopleSoft attributes the soft quarter to the troubled economy and geopolitical tensions. It did manage, however, to win 70 new customers, including ABN Amro, Avis Europe, Cap Gemini Ernst & Young, Illinois Tool Works, McKesson, Textron, 3M, and VoiceStream Wireless.

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