Palm reported their Q3 revenue numbers this afternoon and yes – they had one rough quarter. The company reported a net loss of $98 million dollars (or $0.89 per diluted common share). Total revenue for the third quarter (which ended on Feb 27th for Palm) was $90.6 million dollars. Smartphone sales took a nosedive for Palm as the company reported $77.5 million dollars in smartphone revenue – down 72 percent from the year-ago quarter on sales of 482,000 units (down 42 percent year over year).
These are certainly tough times for Palm. They’re in the midst of rolling to an entire new OS and smartphone platform yet they still have a large inventory of existing smartphone devices to sell. Combine that with abysmal economic climate and customers waiting for the new Pre, it’s really not that surprising to see dismal numbers.
Here’s hoping the new webOS and Palm Pre product line will bring growth back to the company.
