Palm issues disappointing earnings

For its third fiscal quarter, the smartphone maker reports a loss of 61 cents per share, but that's less than in the year-ago period.

As expected, Palm reported dismal earnings for its third quarter. Last month, the company sharply cut its outlook for the third quarter and fiscal 2010 because "driving broad consumer adoption of Palm products is taking longer than we anticipated."

For the quarter, Palm reported a non-GAAP net loss of $102.8 million, or 61 cents per share, far beyond the 42 cent loss Wall Street had been expecting. Non-GAAP adjusted revenue was $366 million, which was actually better than the $316.2 million that Wall Street had been looking for, after Palm waved the warning flags last month. Analysts had originally expected revenue of $424.7 million in revenue until Palm said last month that non-GAAP revenue would be between $300 million and $320 million for the quarter. (Statement)

Despite the warnings and poor performance, the company narrowed the loss from the year-ago quarter non-GAAP loss of 86 cents per share.

Read more of "Palm earnings: 'Underperformance' is disappointing but potential remains" at ZDNet's Between the Lines.

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About the author

    Sam Diaz is a senior editor at ZDNet. He has been a technology and business blogger, reporter and editor at the Washington Post, San Jose Mercury News, and Fresno Bee for more than 18 years.

     

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