Alms for Palm?
“We’re working through an undeniably difficult period.” That’s what Palm CEO Ed Colligan had to say about the company’s second-quarter earnings today. An honest admission, but something of a euphemism given Palm’s abysmal financial performance this quarter. After market close, the handset maker reported its sixth consecutive loss–$506.2 million, a dramatic increase from the $8.85 million it lost during the same period last year. Weighing heavily on the company’s bottom line: the global recession and customer attrition. More and more Palm users these days are opting for iPhones and BlackBerrys instead of Treos and Centros. Palm delivered 13 percent fewer smartphones in the quarter.
Palm’s (PALM) flaccid second-quarter performance comes in stark contrast to that of Research In Motion, which beat estimates for its fiscal third quarter and offered up a stronger-than-anticipated forecast for its fourth.
[Image Credit: Steve Isaacs]