Earnings: Palm’s Financial Results Sink Without Revenues Flowing In From Pre Yet
Palm (NSDQ: PALM) reported dismal earnings today for the fourth quarter, which ended before the company’s blockbuster new device—the Palm Pre—went on sale June 6. The company’s net loss for the quarter ended May 31 totaled $105 million and for the year it totaled $753 million. Revenues for the fourth quarter totaled $86.8 million, compared to $735.9 million in Q4 2008.
Release. Earnings call (1:30 PST).
Other results:
—Phones shipped: The company shipped 351,000 smartphones during in Q4, increasing 6 percent from Q3, and declined 62 percent year-over-year.
—Cash: The company’s cash, equivalents and short-term investments total $255.1 million. Cash used in Q4 was $72.4 million.
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