Palm Takes a Hit
The handheld computer maker reported a significant loss for the quarter.Citing continually slow industry demand, handheld computer maker Palm Inc. on Monday announced a significant loss for the quarter ending August 30. The Santa Clara, Calif., company reported a net loss of $258.7 million for the quarter, or 45 cents a share, compared with $32.4 million, or six cents per share, for the year-ago quarter. Revenues for the period were $172.3 million, compared to $214.3 million a year ago.
Chief financial officer Judy Bruner said the company has been facing "a continued overall weak demand environment" but that the company expects demand to rise in October, when Palm plans to release three new devices: an entry-level consumer device that will retail around $100, a device based on Palm OS5 that will run on an ARM-based processor, and a wireless device that runs on GPRS/GSM (general packet radio service/global system for mobility) networks. The last will be sold by major wireless carriers.