Palm Adopts Apple Strategy with Limited Information

June 26th, 2009

Palm on Thursday reported a fiscal fourth-quarter loss, but the smartphone maker’s shares rose sharply Friday morning on news of lower-than-expected deficits.Palm’s revenues for the fourth quarter of fiscal year 2009, ended May 29, were $86.8 million. Gross profit was $20.1 million. Palm posted a loss of $105 million on the quarter, or 78 cents per share. That compares with a loss of $43.4 million, or 40 cents per share, in the same period a year earlier.

“The launch of Palm webOS and Palm Pre was a major milestone in Palm’s transformation; we have now officially reentered the race,” said Jon Rubinstein, Palm’s chairman and CEO. “We have more to accomplish, but the groundwork is laid for a very promising future here at Palm.”

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