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Company: Palm (PALM)
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edit Weak Quarter misses analysts forecasts

Top Contributor: Jack Bass | Created when PALM was $5.39 | Edit | History

Handset-maker Palm reported weak Q4/08 results that missed consensus expectations on both the top and bottom lines. The company posted adjusted EPS of $(0.22) on revenues of $296.2 million, versus projections of $(0.18) and $301 million, respectively.

This miss was attributed to a revenue mix that consisted of higher sales of Palm’s low margin Centro smartphone and lower sales of its higher priced Treo devices.

On a positive note, the company set a record for smartphone shipments with 913,000 units shipped during the quarter. Canaccord Adams Technology Analyst Peter Misek commented that while Palm may be shipping lots of devices, it is largely the unprofitable models.

Financial Position Continues to Deteriorate

Misek notes that Palm’s financial position continues to deteriorate, with cash balances having decreased by $86 million in the quarter. Palm’s auction rate securities that were originally declared to be worth $75 million in Q2 are now only worth $30 million

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edit Too much competition from diversified smart phone companies

Created when PALM was $15.45 | Edit | History

Too little too late, too much competition in the Smart Phone Market! All except RIMM and Palm are diviersified.

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