Palm Reports Losses Short of Analysts’ Estimates

Palm (PALM) has reported huge losses in the third quarter of 2008; this is far shorter than analysts estimated. Palm’s net loss was $95 million, which is 89 cents per share, which is from $54.7 million or 53 cents on the same period a year ealier.

Palm sales fell be 71 percent to $90.6 million, from $312 million in the period ending February 28. This is make or break time now for Palm, but they do have an ace up their sleeve in the way of the new Palm Pre.

Palm has a lot riding on this Smartphone, which should be launched in June. The company hopes that the Pre will be able to compete with the likes of the Apple iPhone (AAPL) and the BlackBerry (RIMM). Palm have said that the decline in sales was due to a fall in sales of its older models, let us hope that the Pre will get them out of this decline.

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