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Thu, Mar 18, 2010 - 09:10 PM EDT — AAPL: 224.65 (+0.53, +0.24%) | NASDAQ: 2391.28 (+2.19, +0.09%)

Beleaguered Palm’s phone sales plummet; stock hammered

Thursday, March 18, 2010 - 05:51 PM EDT

"Palm Inc. on Thursday reported sales figures that showed it's having a difficult time getting consumers to pay attention to its phones in a market dominated by iPhones and BlackBerrys. The company's shares plunged in after-hours trading," Peter Svensson reports for The Associated Press.

"The company shipped 960,000 smart phones to stores and distributors in the quarter that ended Feb. 26, 23 percent more than in the previous quarter. However, the number of phones that were actually bought by consumers was 408,000, down 29 percent from the previous quarter," Svensson reports. "By comparison, Apple sold 8.7 million iPhones in its most recent quarter."

Svensson reports, "Palm CEO Jon Rubinstein said in a statement, 'Our recent underperformance has been very disappointing, but the potential for Palm remains strong.'"

MacDailyNews Take: Translation: "We suck, please somebody, anybody, just buy us already!"

Svensson continues, "Palm reported a loss of $22 million, or 13 cents per share, for the quarter, its fiscal third. But that was mitigated by an accounting effect brought about by the recent drop in Palm's stock price. Excluding that effect, the loss was $102.8 million, or 61 cents per share. In the same period a year ago Palm lost $98 million, or 89 cents per share."

"After the release of the results, [PALM] shares fell 72 cents, nearly 13 percent, to $4.93 in after-hours trading," Svensson reports. "That would be a 52-week low."

Full article here.

MacDailyNews Take: The end of this particular farce is nigh.

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Thu, Mar 18, 2010 - 09:10 PM EDT — AAPL: 224.65 (+0.53, +0.24%) | NASDAQ: 2391.28 (+2.19, +0.09%)

Beleaguered Palm’s phone sales plummet; stock hammered

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Thu, Mar 18, 2010 - 09:10 PM EDT — AAPL: 224.65 (+0.53, +0.24%) | NASDAQ: 2391.28 (+2.19, +0.09%)

Beleaguered Palm’s phone sales plummet; stock hammered

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