Upbeat sales help Palm shrink loss

Handheld maker Palm on Tuesday reported better-than-expected fourth-quarter sales and a loss that was narrower than analysts had forecast.

For the three months ended May 31, the Milpitas, Calif.-based company turned in a loss of $15 million, or 51 cents per share, on revenue of $225.8 million. Those numbers compare with a loss of $27.5 million, or 95 cents per share, on revenue of $233.3 million in the same quarter a year earlier.

Excluding certain charges, Palm said it posted a fourth-quarter loss of $8.9 million, or 30 cents per share. Analysts were expecting a loss of 93 cents per share on revenue of $187.7 million, according to earnings tracking firm First Call. Palm CEO Eric Benhamou said in a statement that Palm ended the fiscal year with "favorable momentum" almost across the board.

"While the economic context continues to be a challenge, we believe our opportunities for growing shareholder value have improved," Benhamou said. Palm is in the process of acquiring rival Handspring and is planning to spin off its operating system unit, PalmSource, just before that deal is completed later this year

News source: C|net

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