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Palm Loses $95m In Q3 But Reaffirms Pre On Schedule

Gordon Kelly

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Palm Loses $95m In Q3 But Reaffirms Pre On Schedule

Palm must be a strange place to work right now. Its losing money hand over fist yet is also about to debut a phone, nay a platform, many believe will not only revitalise its business but revolutionise the smartphone sector.

Backing up this Pre-or-die scenario are the release of the company's official Q3 results which confirm the dreadful preliminary earnings announced earlier this month. Net losses are a whopping $95m, nearly double the $54.7m it lost during the same period last year and more than its entire Q3 revenue of $90.6m. Sales also collapsed totalling just 482,000 units compared to 833,000 a year ago.

"We're proceeding through a challenging transitional period, however our current results shouldn't overshadow the tremendous progress we've made against our strategic goals," said Palm CEO Ed Colligan. "We're poised to usher in a new era at Palm." Essentially corporate speak for suck-it-up-we're-about-to-come-out-swinging.

Colligan is right too, despite all this Palm stock has risen sharply since the announcement of the Pre in January. Shares once valued at $1.50 in December are now trading around the $8 mark. Furthermore, if the Q2 release date can be stuck to and enough Pres made to satisfy demand expect that number to skyrocket.

It is said that sometimes you need to hit rock bottom before things start to turn around. Believe it or not, Palm's already off the canvass with gloves raised...

Link:

Press Release

Ataripower

March 23, 2009, 11:58 pm

All your eggs.....and one basket springs to mind here :-)

Gordon394

March 24, 2009, 12:19 am

@Ataripower - ish. Apple went the same way (at least until the summer, I suspect).





Plus Palm has confirmed WebOS will appear on a wide range of handsets once the Pre is established. It will be the only OS all Palm handsets will use.

Chocoa

March 24, 2009, 4:14 am

I hope this handset (drum roll/cymbal clash) PREempts bankruptcy - Sorry folks could not resist..


However I'm looking forwrd to a full TR review someday, with all the hype and all that's been created around it...

Chazeg

March 24, 2009, 2:35 pm

How I wish they would hurry up with it... I've got 4 phones to replace and I so don't want WinMo again.. Pitty it'll be locked to a carrier other than mine, and probably expensive...

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