Palm reports falling profits

Palm reports falling profits

Palm is already been rumored to be up for an acquisition. The company has now posted their latest quarterly reports and the figures are not very impressive.

The company said that their third-quarter profit was US$16.5 million. This is down from figures of $19.8 million for the same quarter last year.

Palm posted revenues of $410.5 million. This is up from $388.5 million in the third quarter of 2006. The company seems to have gained from improved sales of their Treo Smartphone.

Palm did not say anything about the prevailing rumors in the market that they are currently talking about a possible acquisition deal with one of the biggest mobile phone makers in the market. Nokia and Motorola are said to be the frontrunners.