Palm cuts jobs after Elevation deal

Only a few days after announcing plans to sell a stake in the company to Elevation Partners [1], Palm cut an unspecified number of jobs late last week. Palm spokesperson Jim Christensen said the cuts last week will follow with others that will take longer to implement. The bulk of jobs being eliminated are in Palm's development ranks, but some cuts span the company. Christensen said the cuts are not about cost-cutting, but rather about "eliminating some of the hierarchy" at Palm. Two weeks ago, venture firm Elevation Partners invested $325 million in Palm for a 25 percent stake.

For more on Palm's cuts:
- see this article [2] from ZDNet