Palm Beats Wall Street Expectations
SAN JOSE, Calif. (AP) _ Saying it’s getting closer to profitability again, Palm Inc., the leading handheld maker, on Thursday posted third-quarter results that beat Wall Street expectations.
For the three months ended March 1, Palm said it earned $2.9 million, or a penny a share. In the year-ago period, the Santa Clara-based company broke even per share with a net loss of $1.9 million.
Excluding one-time events and restructuring charges, the company reported a loss of $14 million, or 2 cents a share, compared to a profit of $9.3 million, or 2 cents a share, in the year-ago period.
The company said revenues for the quarter totaled $292.7 million, down 38 percent from the $470.8 million for the comparable period last year.
Wall Street had expected the company to report a third-quarter loss of 4 cents a share on sales of $253.6 million, according to a survey of analysts by Thomson Financial/First Call.
``Tangible progress across virtually every aspect of our income statement and balance sheet gives us increased confidence in our ability to execute and to return to profitability,″ said Eric Benhamou, Palm’s chairman and chief executive officer.
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