Palm Has Yet Another Quarter of Profits, Stellar Growth

by Reads (13,193)

During its most recent financial quarter, Palm’s revenues were up 18 percent from the same period last year.

This makes two straight years that the company’s revenues have grown at least 10 percent every quarter.

Last quarter, Palm earned $24.4 million, or 47 cents per share. That’s lower the 53 cents per share the company earned during the same period last year.

Still, that number is higher than analysts’ expectations of a 43 cents a share profit.

In addition, Palm can crow about a $224.2 million tax benefit that pushed its non-GAAP earnings up into the stratosphere — $5.02 a share.

The company’s revenue during the quarter was $444.6 million, as compared with $376.1 million in the same quarter last year.

“Achieving the eighth consecutive quarter of year-over-year double-digit revenue growth and growing our converged device market share to 36 percent in the United States are significant accomplishments,” said Ed Colligan, president and CEO of Palm.

Once again, smartphones played a big part in the company’s success. In the most recent two financial quarters, Palm shipped over 1 million Treos — almost as many smartphones as it did in its entire previous fiscal year.

Predictions for the Future

During the current quarter, Palm expects to earn between 46 and 49 cents per share.

It will also debut four new smartphones next year.

Not surprisingly, this company’s share prices are up in after-hours trading.

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