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Palm reports $506.2m in losses

Palm reported more than a half a billion dollars of net losses in its fiscal second quarter as it lost more customers to rivals Apple and Research In Motion (RIM), maker of the BlackBerry.

The maker of the Treo smartphone said its second quarter net loss widened to $506.2m, or $4.64 per share, from a loss of $8.85m, or 9 cents per share year earlier. Shares fell 11 per cent in after hours trading.

Excluding a change in valuation allowance for its US deferred tax assets of $396.7m, Palm reported a loss of $80.2m, or 73 cents per share. Revenue fell 45 per cent to $192m from 13 per cent lower delivery for smartphones.

“We’re working through an undeniably difficult period,” said Ed Colligan, chief executive officer of Palm.

Meanwhile, RIM reported a 7 per cent rise in net income in the third quarter to $396.3m, or 69 cents per share. Revenue rose to $2.78bn from $1.67bn.

Despite threats of a spending slowdown in corporate and consumer markets, RIM forecast that next quarter it would exceed analyst estimates on strong holiday sales. It released two new models in the quarter including its first touchscreen phone, the Storm.

The company expects fourth quarter revenue to reach $3bn to $3.5bn compared to analyst estimates of about $3bn.

RIM shares closed down $2.23, or 5.5 per cent, at $38.44 on Nasdaq but rallied 2 per cent in after hour trade after its earnings report.

Palm shares were unchanged, closing at $2.20 on Nasdaq, but fell 1.36 per cent in after hour trade.

Источник: Financial Times

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