Palm Inc. post widening losses

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.”