Palm Inc. post widening losses

Palm Inc. is struggling indeed. The company has just come out with their latest revenue report and the company has swung to a loss.

They also failed to meet the market expectations as competition from rivals in the Smartphone market is taking a toll on their sales.

Palm reported that they lost $9.63 million or 9 cents per share during the period. The revenues were around $349.63 million.

This is disappointing compared to profits of $12.77 million, or 12 cents per share in the same period last year.

The company further disappointed the investors by saying that they expect to lose $30 million to $33 million, or 31 to 33 cents per share, on revenue of $310 million to $320 million in the current quarter. Palm President and CEO Ed Colligan had this to say on the company’s performance report: “We are transforming Palm to exploit the market opportunity and instilling operational rigor throughout the organization.”

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