Palm struggling as it posts first quarter losses

Smartphone maker Palm continues to struggle as it has now posted a small loss in its first fiscal quarter this year.

The company stated in its release that it lost $841,000. The revenues were however up 1 percent to $360.8 million.

Palm had posted $16.5 million profits in the same period last year. The company further issued a weak forecast.

They are now expecting a loss of 3 cents to 1 cent per share on revenue between $370 million and $380 million in the second quarter of its fiscal year.

Palm is facing intense competition from Research in Motion’s Blackberry and other smartphone makers. Apple Inc has not made it any easier for them as the iPhone has become a best seller in the US market.

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