Palm swings to quarterly loss
Palm, which makes the Treo smart phone, says it swung to a slightly larger loss in its fiscal third quarter than analysts expected as revenue fell 24%.
The Sunnyvale, Calif.-based company’s loss applicable to common shareholders totaled $31.5 million, or 30 cents per share, in the quarter ended Feb. 28. That compares with a profit of $11.8 million, or 11 cents, in the same quarter a year before. Excluding certain items, Palm’s third-quarter loss totaled 16 cents.
Palm Inc. says its revenue fell year over year to $312.1 million from $410.5 million.
Analysts polled by Thomson Financial forecast a loss of 14 cents on $315.7 million in revenue creditreports paydayloans.com. Analyst estimates typically exclude one-time items.
Palm says its smart phone revenue was $275.4 million during the quarter, driven by its lower-priced Centro model.
Shares of Palm (PALM) finished 3.7% higher Thursday on the Nasdaq.