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Palm Q3 Revenues Soar, Loss Shrinks

3/19/2010 01:57:30 PM Eastern

Sunnyvale, Calif. - Palm revenues soared during the
third quarter and first nine months of the company's fiscal year, and the
smartphone maker's net loss shrank considerably during both periods, the
company's financial
report
show.

Third-quarter handset shipments in units were up 23 percent
sequentially and 300 percent from the year-ago quarter, reflecting the launch
this year of its WebOS-based Palm Pre and Palm Pixi models, the company also
said. Handset sell-through during the quarter, however, slumped 29 percent
sequentially and 15 percent from the year-ago quarter, the company.

In the third quarter ending Feb. 28, the company shipped 960,000
handsets, but only 408,000 sold through to end users.

"Our recent underperformance has been very disappointing, but the
potential for Palm remains strong," said chairman/CEO Jon Rubinstein. "The work
we're doing to improve sales is having an impact. We're making great progress
on future products, and we're looking forward to upcoming launches with new
carrier partners."

Palm's smaller third-quarter net loss is one sign of progress.
The net loss shrank to $18.5 million from a year-ago $95 million. For the
nine-month period, the loss shrank to $108.3 million from the year-ago $640.7
million.

Third-quarter revenues grew to $350 million from the year-ago
$90.6 million, and nine-month revenues grew to $984.2 million from the year-ago
$649.1 million.

The company's Palm Pre and Pixi are available through Sprint, and
the Palm Pre Plus and Palm Pixi Plus became available recently through Verizon
Wireless.

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