Palm Announces the Results of Its Last Financial Quarter and Year Before the Palm Pre

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Palm has reported the results for its previous financial quarter, as well as its most recent financial year. The results for both were dismal, but not as bad as had been expected. And these were the last financial results before the release of this company’s new flagship smartphone, the Palm Pre.

For the period that ended in May, Palm lost $104.9 million, or 78 cents per share.  The company took in $86.8 million in revenue during this quarter.

Analysts had predicted a loss of 62 cents per share, with revenue of $80.6 million, so the company beat expectations for the quarter. In after-hour trading, shares are up over 14%.

May was also the end of Palm’s financial year. During the last 12 months, the company lost $753.5 million, or $6.51 per share.

Bring On the Pre
As dismal as these results were, they came during the last of bad period for Palm. For many months, the company has been putting all its efforts into launching a new operating system and smartphone, and this finally happened on June 6, just after the end of Palm’s moist recent financial quarter.

“The launch of Palm webOS and Palm Pre was a major milestone in Palm’s transformation; we have now officially reentered the race,” said Jon Rubinstein, Palm’s chairman and new CEO. “We have more to accomplish, but the groundwork is laid for a very promising future here at Palm. Our senior management team is capable, motivated and focused on execution; there is a large group of developers waiting to build great applications for Palm webOS; and we have a new product pipeline that we think will set a standard for the industry.”

Source: Palm and Yahoo



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