Palm posts loss on weak sales
The manufacturer of the Treo smartphone swings to a loss below analyst expectations, due to a decline in revenue.
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| Palm reports a loss of 22 cents per share in the fiscal fourth quarter. |
SUNNYVALE, Calif. (AP) -- Treo smartphone maker Palm says it swung to a fiscal fourth-quarter loss as revenue declined sharply, falling below Wall Street's expectations.
For the three months ended May 31, Sunnyvale, Calif.-based Palm Inc. (PALM) said its loss after paying preferred dividends was $43.4 million, or 40 cents per share, compared with a year-ago profit of $15.4 million, or 15 cents per share.
Excluding items, Palm says its loss totaled 22 cents per share for the latest quarter.
Revenue fell 26% to $296.2 million from $401.3 million on weak smartphone sales.
Analysts, on average, had expected a smaller adjusted loss of 18 cents per share on higher sales of $301.1 million, according to a poll by Thomson Financial. 
