Palm Swings to Fiscal 2Q Loss
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The smart phone maker reported a loss in its fiscal second quarter as revenue declined and expenses rose.
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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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(InfoWorld) - Palm's troubles continued on Thursday as the company posted a profit of $15.4 million for the fourth quarter, a 44 percent drop from its $27.2 million mark one year earlier, despite strong sales of its Treo smartphone. The company reported revenue of $401.3 million for the quarter ending June 1, down slightly from the $403.1 million it earned in the same quarter in 2006 and also below Wall Street's forecast of $406.6 million, according to analysts polled by Thomson Financial. The results come just weeks after the company faced rumors it would be acquired by rivals MotorolaÂ orÂ Nokia. Instead, Palm raised $325 million of extra money byÂ selling a 25 percent stake of the company Â to private equity investors. Palm is shifting its product portfolio from PDAs to smartphones, which are far more popular and offer a potential for greater profit margin because of their higher price tags. In the past quarter, Palm drew 86 percent of its revenue from smartphone sales, a huge swing for a company that in 1996 drew its entire revenue from the PalmPilot PDA. Palm's smartphone revenue of $344.2 million for the quarter was up 14 percent from the same quarter in 2006. "Our record Treo sell-through reflects strong fundamentals in the core focus areas of our business," said Palm CEO Ed Colligan. "I'm confident that in fiscal year 2008, more and more standard handset customers will demand the capabilities and ease of use of Palm smartphones, which aligns us well for future growth and profitability." Despite Colligan's optimism,Â Palm's smartphone sales did not help its results. Palm earned a profit of $0.15 per share in the fourth quarter, matching analysts' expectation of $0.15 but coming in far below the $0.25 it made a year earlier. Looking into the future, the company predicted revenue between $355 million and $365 million for the coming quarter, the first period of Palm's fiscal 2008. If the company meets the higher end of goal, it would beat its mark of $355.8 million in revenue for the first quarter of 2007. However, Palm may be distracted by change in its boardroom. As a condition of buying a large share of the company, the investment group Elevation Partners insisted on installing a new chairman, former AppleÂ vice president Jon Rubinstein. Palm also raised questions among investors in May when itÂ launched the Foleo, a miniature laptop Â intended to sell as a "smartphone companion." That product quickly faced criticism that its $599 price was too high and that its 10-inch screen was too large. Also on Thursday, Palm reported revenue of $1.56 billion for the full fiscal year 2007, down 1 percent from the $1.58 billion it earned in 2006. Palm earned profit of $56.4 million for the year, far below its $336.2 million profit in 2006, although the 2006 figure included a one-time tax rebate of $219.5 million.
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The company said it expects to post its second quarterly loss in more than 50 years because of a hefty one-time charge.
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Quality Distribution is hammered after reporting a large loss for the second quarter.
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Falling sales to blame Palm has issued a profits warning ahead of its Q1 results, due in full on 1 October.â¦
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New Windows Mobile alternative Apple's iPhone is going to hit Palm hard, a US analyst has forecast. Research in Motion's consumer-friendly BlackBerry Curve will harm the PDA pioneer too, Piper Jaffray wireless hardware analyst T Michael Walkley claimed this week.â¦
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Palm Inc , maker of the Treo smartphone, on Wednesday posted a quarterly revenue estimate that missed expectations as competition increased from rival devices like Apple Inc's  iPhone.
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FuelCell Energy reports a better-than-expected quarterly loss.
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Handheld computer maker Palm Inc.   PALM.O on Thursday said its quarterly profit fell as costs   rose and the company began expensing stock options.
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Plus: GameStop raises earnings estimates...RIM profits up on expanded customer base...Palm's losses continue.
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By MAY WONG SAN JOSE, Calif. - Faced with mounting competition in the smart-phone market, Palm Inc. is selling a quarter of its company to a private equity firm to arm itself with new leadership, most notably the former technical guru behind the iPod.
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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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French media giant Vivendi Universal reported a second quarter net loss of 1.852 billion euros (2.3 billion dollars), six times larger than the 313-million-euro shortfall in the same period last year.
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PalmOne Inc.  on Monday swung to a quarterly profit from a year-earlier loss on a 62 percent jump in revenue, spurred by solid sales of its Treo 600 mobile phone and other handheld digital devices.
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- Palm Inc.  said it will sell a 25 percent stake to private equity firm Elevation Partners for $325 million, and use the proceeds along with the cash on hand and new debt to pay $9 in cash to stockholders.
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Plus: Palm's losses continue...Take-Two loss shrinks, but outlook falls short...Adobe profit up 21 percent.