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Palm Quarterly Loss at $258 Million | |
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||
| Time: 04:09 EST/09:09 GMT | News Source: Associated Press | Posted By: Alex Harris | ||
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Handheld computer maker Palm Inc. reported a first-quarter loss slightly smaller than analysts' expectations Monday, as the company continues to struggle with competition from Microsoft-powered devices that are steadily threatening its market dominance. For the three months ended Aug. 30, Palm said it lost $258.7 million, or 45 cents per share. In the year-ago period, the Milpitas, Calif.-based company lost $32.4 million, or 6 cents per share. If not for separation and restructuring expenses, Palm said it would have lost 6 cents per share, less than the loss of 8 cents per share expected by analysts surveyed by Thomson First Call. The company recorded a non-cash charge of $219.1 million during the quarter to reduce the value of its deferred tax assets as part of the separation of its PalmSource Inc. unit. Palm reported revenues of $172.3 million for the first quarter, down 20 percent from revenue of $214.3 million in the same period of 2001. Analysts predicted Palm revenues of $178 million, according to First Call. | ||
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