Palm Q1 loss grows, but results beat expectations

Palm's fiscal first quarter net loss widened, but overall results were better than what Wall Street had expected, an Associated Press report said.

For the three months ended August 31, the company posted a net loss applicable to common shareholders of €29.4 million (US$41.9 million) compared with a loss of €591,800(US$841,000), in the same period a year earlier.

Excluding items, the latest quarter's net loss was €9 million (US$12.8 million). Revenue climbed about to €258.1 million (US$366.9 million) from €254.8 million (US$360.8 million).

Palm said about 1 million of its smart phones were sold during the quarter, up 49 percent year over year.

'I'm pleased with our momentum as we work to re-establish Palm as the leading innovator in the smartphone marketplace,' said Ed Colligan, Palm president and chief executive, in a statement.

Items weighing on the latest quarter's results included stock options expenses, restructuring charges and €10.5 million (US$15 million) for the impairment of noncurrent auction rate securities.