Earnings alert: Palm losses continue
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(InfoWorld) - Struggling handheld device maker Palm has been hit with layoffs. The layoffs, which occurred Thursday, affected "a small percentage" of Palm's approximately 1,200 employees and were concentrated in the company's development group, according to a company spokesman. They primarily affect Palm employees in the U.S., he added. Palm has seen steady decline in the handheld device market, where it leads the market and is in the midst of financial restructuring. Last week,Â private equity investors Elevation Partners took a 25 percent stake in Palm, investing $325 million into the struggling smartphone maker. The company faces stiff competition in the growing smartphone market, where its Treo line has been a hit. Also, its latest hardware release, theÂ Foleo 'smartphone companion,'Â has garned only a lukewarm response thus far. The Palm spokesman said that the reorganization was in the works prior to the Elevation investment and that the company is still hiring staff in other areas. "We're flattening our organizational hierarchy and doing some realignment," he said. He would not say exactly how many employees were being laid off.
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Palm used to dominate the market with the best gadget. What went wrong? Mike Elgan gives his views.
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Palm Inc , the maker of  Treo smartphones, posted a quarterly loss on Tuesday after a  delay of a key new product.
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Palm Inc.  cut second-quarter profit and revenue forecasts on Monday, blaming a delay in shipping its new Treo 750 smartphone in the United States.
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Two pieces of bad news for Palm this week (not that there's been a lot of good news lately): it's going to have to pay out cash rebates on some Treos, and it's closing its retail stores.
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Shares of PalmSource Inc., the former software arm of organizer-maker Palm Inc., fell 10 percent in post-market trading Thursday after it provided a weak revenue forecast.
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Facing increasing competition in the smartphone market, Palm Inc., said Wednesday that it might see a small loss in its fiscal first quarter.
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Facing increasing competition in the smartphone market, Palm Inc. said Wednesday that it might see a small loss in its fiscal first quarter.
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(InfoWorld) - Palm Inc. has lowered its financial forecast for the current quarter because of delays in bringing its latest Treo smartphone to market. Palm on Monday lowered its revenue forecast for its fiscal 2007 second quarter, which ends Dec. 1, to a range of US$390 million to $395 million from an estimate made Sept. 21 of $430 million to $450 million. It also pared its earnings forecast to a range of $0.10 to $0.11 per share from the earlier estimate of $0.15 to $0.18. Not counting special items, the estimate has been trimmed to $0.15 to $0.16 a share, from an earlier $0.20 to $0.23. Although its line of smartphones is selling well and the new Treo 750v introduced in Europe is popular, Palm hasn't been able to get the Treo 750 introduced in the U.S. as planned, according to the company. "Our Q2 FY07 revenue will be constrained by a delay in certification of a key product. We now expect to start shipping the Treo 750 for the U.S. market early in Q3 FY07," Palm President and Chief Executive Officer Ed Colligan said in a prepared statement. Palm (NASDAQ:PALM) waited until the market closed Monday to announce the news. After closing for the day at $15.37, about three hours later its stock had fallen by $0.64 in after-hours trading.
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