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Palm posts lower-than-expected revenues
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Palm, beset by falling sales as it struggles in the smartphone market, released its revenue numbers ahead of its second fiscal quarter results, posting between $190 million and $195 million, well below Wall Street expectations.
The handset maker, which has been banking on sales of its Centro and Treo smartphones, said "reduced demand for maturing smartphone and handheld products" was contributing to the decline in revenues. Expectations had been for revenues to be around $331 million for the quarter--a 41 percent gap.
The Centro, while not nearly as flashy as Apple's iPhone or some Research In Motion products, only costs $99 and the company announced over the summer that it had sold 2 million units. Palm plans on planning on releasing its Nova OS in the first half of 2009, but its financial condition is precarious.
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Comments
Posted by Anonymous | December 2, 2008 - 3:14pm
With about $210 million in cash and short term investments as of their fiscal Q2 2009, plus $400 million in long term debt and operating income losses throughout 2008, intense smartphone competition, and a tough economy, Palm's fate is worse than getting slapped in the face. They are ripe takeover bait. But, who would buy them? Will the mobile telephone industry, operators, and developers suppport another operating system?
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