Telecom & Wireless
Palm (PALM) Bites The Dust As Yield-Per-Phone Collapses
Published:
Things were supposed to be bad at Palm (PALM), but, based on earnings, they were even worse.
The firm, which has products which compete with the Apple (AAPL) iPhone and RIM (RIMM) Blackberry, among others, posted a loss of $41 million on revenue of $296 million. For the quarter ending May 31 a year ago, the numbers were much better. Revenue was $410 million and the company had a $17 million net profit.
According to the company "Smartphone sell-through for the quarter reached a record high, totaling 968,000 units, up 29 percent year over year." That means the price that Palm got for each phone was awful.
Cash and short-term investments were $258 million at the end of the quarter compared to $546 million at the end of the period a year ago.
The market did not much like the news. Shares were down almost 8% after hours to $6.01.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
