“Palm Inc. reported a wider-than-expected quarterly loss as consumer demand for its smartphones was hurt by increased competition, sending shares down 4 percent on Thursday,” Gabriel Madway, Gina Keating, and Sinead Carew report for Reuters.
“Palm’s report contrasted with stronger-than-expected results at Research In Motion (RIM.TO), which also forecast strong demand for the current quarter,” Madway, Keating, and Carew report. “Both companies face competition from rivals such as Apple Inc’s iPhone.”
“On a conference call with analysts, Palm itself cited lower-than-expected consumer demand among Sprint customers, who also had a choice of Android phones from HTC Corp and Samsung Electronic,” Madway, Keating, and Carew report.
MacDailyNews Take: LOL. Some choice.
Madway, Keating, and Carew report, “Palm reported a net loss of $81.9 million, or 54 cents a share, in its fiscal second quarter ended Nov. 30, versus a year-ago net loss of $506.2 million, or $4.64 a share. Excluding items, Palm posted a loss or 37 cents a share, which was wider than the average analyst forecast for a loss of 32 cents, according to Thomson Reuters I/B/E/S.”
Madway, Keating, and Carew report, “The company said it shipped a total of 783,000 smartphone units during the quarter. But smartphone sellthrough units — which reflect how many phones actually end up in consumers’ hands — totaled only 573,000, which was down 4 percent from the year-earlier period and 29 percent lower than the previous three months.”
Full article here.
MacDailyNews Take: Buh-bye, Palm.