Palm announces Q3 FY2010 results | webOS Nation
 
 

Palm announces Q3 FY2010 results 58

by Derek Kessler Thu, 18 Mar 2010 8:12 pm EDT

Palm HQ

Palm has announced their fiscal results for Q3 2010, and in short, it’s not pretty.

Revenue was reported at a $349.9 million, though these are GAAP-adjusted numbers (GAAP accounting defers revenue over the expected service life of the device: 2 years). From a non-GAAP perspective, Palm brought in $366 million in the most recent quarter. Profit-wise, Palm netted a gross profit of $47 million (non-GAAP: $63.5 million). Accounting profits aside, Palm still managed to spend more than they brought in, burning through an additional $22 million this past quarter. Non-GAAP losses: $102.8 million, compared to $45.5 million the previous quarter. Palm ended Q3 FY 2010 with $591.9 million in cash, cash equivalents, and short-term assets.

The previous quarter Palm brought in $78.1 million (non-GAAP: $302 million) with a gross profit of $5.5 million ($77.3 million). After other expenses, Palm still managed to burn through $85 million cash during the prior quarter. At the very least, Palm has managed to slow the drain rate from their coffers, but as with any company they can only burn cash for so long.

For Q3 FY2010, Palm shipped 960,000 devices, and increase of 23% over the previous quarter, with sell-through numbers of 408,000. In short, selling fewer than half as many units as you ship is not a good position to be in. Also, selling fewer devices the quarter you launch your newest devices onto the biggest network yet is also not a good thing. No breakdown by device or carrier was provided, as is customary for Palm’s quarterly reports. During Q2, Palm shipped 783,000, with sales of 573,000 units.

Obviously, Palm’s expectations for this quarter were higher. As said by CEO Jon Rubinstein:

“Our recent underperformance has been very disappointing, but the potential for Palm remains strong. 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. Most importantly, we have built a unique and highly differentiated platform in webOS, which will provide us with a considerable - and growing - advantage as we move forward.”

The full Q3 FY2010 report is after the break.

SUNNYVALE, Calif., Mar 18, 2010 (BUSINESS WIRE) -- Palm, Inc. (NASDAQ:PALM) today reported that total revenues on a GAAP(1) basis in the third quarter of fiscal year 2010, ended Feb. 26, 2010, were $349.9 million. Gross profit and gross margin on a GAAP basis were $47.0 million and 13.4 percent, respectively. In accordance with two recently released accounting standards related to revenue recognition, these results include the effects of accounting for multiple-element arrangements, including ratable revenue recognition for the future deliverables for Palm(R) webOS(TM) products as required by GAAP.

To facilitate comparisons to Palm's historical results, Palm has included non-GAAP adjusted measures, which exclude the impact of accounting for multiple-element arrangements, stock-based compensation and other items detailed in the notes section of this release. The company believes this information will help investors better evaluate its current period performance and trends in its business.

Non-GAAP Adjusted Revenues in the third quarter totaled $366.0 million, and non-GAAP Adjusted Gross Profit was $63.5 million. Non-GAAP Adjusted Gross Margin was 17.3 percent and was impacted by a $45.3 million charge taken in the quarter for reserves for inventory purchase commitments, which exceed current forecasted demand. Excluding the impact of the inventory purchase commitment reserves, non-GAAP Adjusted Gross Margin in the third quarter would have been 29.7 percent.

"Our recent underperformance has been very disappointing, but the potential for Palm remains strong," said Jon Rubinstein, Palm chairman and chief executive officer. "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. Most importantly, we have built a unique and highly differentiated platform in webOS, which will provide us with a considerable - and growing - advantage as we move forward."

The company shipped a total of 960,000 smartphone units during the quarter, representing a 23 percent increase from the second quarter of fiscal year 2010 and an almost 300 percent increase versus the third quarter of fiscal year 2009. Smartphone sell-through for the third quarter was 408,000 units, down 29 percent from the second quarter of fiscal year 2010 and down 15 percent year-over-year.

On a GAAP basis, net loss attributable to common stockholders for the third quarter of fiscal year 2010 was $(22.0) million, or $(0.13) per diluted common share. This compares to a net loss attributable to common stockholders for the second quarter of fiscal year 2010 of $(13.7) million, or $(0.09) per diluted share, and to a net loss attributable to common stockholders for the third quarter of fiscal year 2009 of $(98.0) million, or $(0.89) per diluted common share.

The company's net loss attributable to common stockholders on a GAAP basis reflects accounting guidance, effective in the first quarter of fiscal year 2010, which requires the anti-dilutive provisions of Palm's series C preferred shares and related warrants to be treated as derivatives for financial reporting purposes. The fair value of the derivatives was estimated as of the first day of fiscal year 2010 and is marked to market on a quarterly basis, with any change in value reflected in the company's financial results for the period. The series C derivatives balance was $82.1 million at the end of the third quarter of fiscal year 2010 compared to $178.7 million at the end of the second quarter of fiscal year 2010. This reduction in fair value resulted in a $96.6 million non-cash gain on series C derivatives and was reflected in the company's third quarter GAAP financial results. With regard to the series C derivatives, any future increases in Palm's stock price from period to period will be reflected as a non-cash loss on these derivatives in the company's financial results, and any future decreases will be reflected as a non-cash gain in the company's financial results.

Non-GAAP Net Loss for the third quarter of fiscal year 2010 was $(102.8) million, or $(0.61) per diluted share. This compares to a non-GAAP Net Loss for the second quarter of fiscal year 2010 of $(45.5) million, or $(0.29) per diluted share, and to a non-GAAP Net Loss for the third quarter of fiscal year 2009 of $(94.7) million, or $(0.86) per diluted share.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, for the third quarter of fiscal year 2010 totaled $(5.7) million. EBITDA, adjusted to exclude the effect of ratable revenue recognition, stock-based compensation, net other income (expense), restructuring charges, a casualty recovery, a gain on the sale of auction rate securities and a gain on series C derivatives, or Adjusted EBITDA, totaled $(90.2) million.

The company's cash, cash equivalents and short-term investments balance was $591.9 million at the end of the third quarter of fiscal year 2010. Cash used from operations for the third quarter of fiscal year 2010 was $(0.5) million.

Explanatory Note

During the third quarter of fiscal year 2010, Palm elected to early adopt updates to revenue recognition standards issued in October 2009 and revise all prior financial information to include the adoption. Palm has included in this release selected quarterly financial schedules reflecting the impact of retrospective adoption of the new accounting standards and reconciling the application of old and new accounting standards to historical statements of operations, balance sheets, cash flows from operations, non-GAAP items, EBITDA and Adjusted EBITDA. These financial schedules will also be available at http://investor.palm.com.

The updates to the method of revenue recognition result in a substantial portion of Palm webOS product revenues being recognized upon delivery. The remaining Palm webOS deferred revenues, which are related to future services and unspecified software, will be recorded as deferred revenues on the company's balance sheet, and amortized into earnings on a straight-line basis over the estimated product life, which is currently 24 months. Under the new standards, all related cost of revenues are recognized upon delivery. Under the previous accounting standards, Palm was required to account for sales of Palm webOS products using subscription accounting because Palm indicated it may periodically provide services and unspecified software free of charge to customers of Palm webOS products. Under subscription accounting, revenues and related direct product cost of revenues for Palm webOS products were deferred at the time of sale and recognized on a straight-line basis over the estimated product life. This resulted in the deferral of significant amounts of revenues and cost of revenues related to Palm webOS products. As of Nov. 30, 2009, the day prior to Palm's adoption of these updates, total deferred revenues were $550.8 million and total deferred cost of revenues were $332.7 million.

Palm adopted these updates by retrospective application as if the updates had been applied in all prior periods. Consequently, the financial results of the fourth quarter of fiscal year 2009 through the second quarter of fiscal year 2010 have been revised. Palm believes retrospective application provides the most comparable and useful financial information for users of its financial statements, is more consistent with management's evaluation of the business and better reflects Palm's underlying economic performance.

Category:

58 Comments

Hopefully they can pull things around soon, sounds like there are new devices coming soon

+1 "we're making great progress on future products," I liked the sound of that.

dont give up Palm, things will get better(i hope).

ouch! So, there are over 500,000 phones sitting around as yet unsold? That is an incredibly high number. I hope some new advertising and better carrier support will help with sell-through. I'm an optimist, but this is tough.

.... And how many refurbs?

Of course there are other possible explanations. For example if Palm was about to launch on more carriers, or push the plus versions out to Sprint, or is staging the "c40" for a big launch then you'd see this sort of pattern too.

I have no reason to believe any of these are true - it's just a warning that numbers can be read a lot of different ways.

Keep in mind that those numbers reflected the end of the 3RD QUARTER...and we're currently in the 4th quarter. We have no idea how many units have been sold this quarter (so far) and the announcement to ship Pre/Pixi Plus to O2 in Europe will mean more sales...thereby depleting those "unsold" units even more. I mean...we don't know how many units have been shipped this quarter...right?
Plus...EVERY company ships more units than it actually sells...that's called "the cost of doing business." It's very rare that a company can know how many units to ship exactly... they have to guess based on past performance plus projected figures from new ad campaigns, etc...
Don't count Palm out, yet. After all, they survived when NOBODY was buying their products anymore. I remember buying a Palm Treo 700p and the idiot at Sprint actually asking me if I was sure (because I had just walked in and asked for it). He tried to push a BlackBerry on me! Please!! Anyway...it was surely planned that things might not go that well. No company makes plans hoping that everything works out perfectly. They usually make plans that take into account worst-case scenarios...or, at least, they should! Lol...Rubinstein is no dummy...so let's just stop speculating and keep on supporting. If anyone is watching you use your phone, show them! Let them see how much easier it is than any of the other "smart"phones out there! This is what I do and I'm pretty sure I've accounted for my share of sales...I think..ha ha

Those sales numbers are always confusing as all hell. The take-away, as far as I can comprehend, is that Palm had to spend $85 million of it's own money in Q2, versus $22 million in Q3. If that $63 million difference is anything of a trend, then Palm will either be in the black next quarter or need to spend just $5 million to get by.

Keep in mind that these numbers were all but decided before Verizon's admitted botching of the Pre & Pixi Plusses on their network. And that advertising has increased from pathetic to respectable as well.

i agree +1

John Cleese produced an educational film in which he learned about accounts from Ronnie Corbett - as only John Cleese could. In starting to explain accounts, Ronnie said "The balance sheet is the window through which we view the firm." John insisted it wasn't - the balance sheet was "the blind drawn by accountants to keep managers in the dark".

flash and new devices will be announced next week!

They said that? Listened to the last two and they never mention future products.

It probably wont matter. Supersonic and Nexus 1 are coming to Sprint soon. The competition is not letting up.

I am listening to the conference call now...just plain ugly!

Their forward guidance is awful and all the commentary is pretty sad. I want Palm to succeed and do well but the reality is this is plain terrible.

Stock now under $5 in after hours.

After hours shows Palm stock down below $5. Tomorrow morning should be very interesting when the markets open. I personally dumped what I had earlier today in the plans of letting it sink and then re-buying tomorrow at some point when it's nice and cheap. We'll see how low it goes. I still think Palm can pull out of this (or else I wouldn't bother), but there's no reason not to take advantage of an opportunity.

"...you can kick down a person until his last breath, but until then there is still that chance of that person getting back up and wooping your ass!"

Palm aint dead yet - so that CHANCE is still there and it's a likely!!!

+1

Plam had HIGH expectations? How could they have had high expectations when they bring out an under develop phone with no video,forwarding,copy paste,etc.. Then take forever to bring their device up to par. Don't get me wrong I love plam's phones, but just because the Iphone started without those capabilities dosen't mean they have to as well. look at the Motorola Driod came out with all the functions a smartphone needs to survive and it sold. Also whythe hell would you take so long to improve advertisement for your product, but you expect high expectations. I could go on forever about their F**K ups but why? I tell you want if they were smart they would get with all those developers that made preware and make all those patches and themes and other functionality offical. Then would have the ultimate smart phones that has superior multi task and a slew of customization. They would be #1 of course with good advertisements to show it off. No virtual keyboard yet!!! Plam PLEASE step ya game up. Thats how I feel about this matter.

1. Space out your comment. It's effin hard to read.

2. Spell check your post. Palm is spelled P-A-L-M, not P-L-A-M.

3. Pre has copy and paste from launch, so I don't know why you rant about that one.

4. Advertising was really Verizon/Sprint/Bell's issue, but yes Palm wasn't that great either.

1. My bad, I rushed through that comment. I am pretty sure you understood what was being said.

2. I know how P-A-L-M is spelled. I (Once again in a rush) am pretty sure you understood what I meant.

3. Palm was not able to copy and paste pics, text mess, or from the web from launch. If yours did more power to ya.

4. Finally something I care to agree with.

8 months is hardly forever.

even do the #arent so good we have the best os out there no one can come close not apple,android or the new micros. Go palm I know it will work out in the future

Q3 2010? What is Palm's Fiscal Year. This doesn't make any sense at all. Why can't they just go by the calendar year?

What does it matter?

A lot of companies will use a fiscal year that does not end in December for the sake of their employees. Closing the books can take some amount of time -- having to do it in a month like June could be a lot better for the employees sake than having to work on it throughout December/January.

I like chocolate chip cookies.

Just remember that patrick swayze quote from roadhouse

"it will get worse before it gets better"


hopefully this was the worse part

bring on the c40 or the elan or whatever its called. I get my upgrade in June which isn't too far away.

Do they have enough money to market the C40? The competition is strong and with the Supersonic and Nexus 1 on Sprint soon. I want Palm to win, but these are very dark days.

this sucks...but i will stand by this fantastic phone

PALM down 12% during the call to $4.95. I don't usually listen to many of these but they didn't answer any of the analysts questions in any substantive way. At under $5, PALM will fall under many people's radar just because it's a small-cap stock now.

This is actually better news than what was expected. This article is written from a pessimists POV and it really shouldn't be.

Palm's expected earnings were between 300 and 325 according to Palm. They made a great comeback with their revenue being higher than what anyone expected, including Palm. Their Income Statement has actually gotten significantly better and as someone else already said, if the trend continues, they will be in the black, if not very close to it. Actually, next quarter should be remarkably better with their new commercial, more updates that all have shown significant versions from prior versions, more carriers, the dev scene growing and improving, and more.

Palm also mentioned future devices. That's great news. They have a remarkable team in Palm with great minds. If anyone knows how to pull it out, it's them.

Rubenstein sounded dispirited. He's an engineer. Not a marketing guy. He built a great phone but failed to tell anybody about it. Palm missed its window. *sigh*

I don't understand why some articles say Palm beat expectations, while others say it bombed. Was there some different expectations outside of their announcement last month that they weren't going to meet expecations by a wide margin??

Or did they re-adjust their 'new' expectations to way below their actual numbers so it'll give the impression that they beat it?

Palm, for what it's worth, you can't go cheap on the hardware for whatever new release of a phone you're coming out with next. If the hardware ends up being cheaply constructed, I'm afraid there may not be another opportunity for you to succeed. I love webOS and hope this summer's announcement will be a bang!

This is actually better news than what was expected. This article is written from a pessimists POV and it really shouldn't be.

Palm's expected earnings were between 300 and 325 according to Palm. They made a great comeback with their revenue being higher than what anyone expected, including Palm. Their Income Statement has actually gotten significantly better and as someone else already said, if the trend continues, they will be in the black, if not very close to it. Actually, next quarter should be remarkably better with their new commercial, more updates that all have shown significant versions from prior versions, more carriers, the dev scene growing and improving, and more.

Palm also mentioned future devices. That's great news. They have a remarkable team in Palm with great minds. If anyone knows how to pull it out, it's them.

I hope so...

You're confusing earnings and revenue. Regardless you said, "revenue being higher than what anyone expected,... if the trend continues, they will be in the black, ...Actually, next quarter should be remarkably better."

Doubt it. Because Palm clearly said next quarter would suck. Chief Financial Officer Doug Jeffries estimated fourth-quarter revenue would only be $150 million, half what it was for the 3rd quarter.

Clearly next quarter will be only half as much revenue so the "trend" isn't going to continue. You won't have $300+ million in revenue next quarter.

This is actually better news than what was expected. This article is written from a pessimists POV and it really shouldn't be.

Palm's expected earnings were between 300 and 325 according to Palm. They made a great comeback with their revenue being higher than what anyone expected, including Palm. Their Income Statement has actually gotten significantly better and as someone else already said, if the trend continues, they will be in the black, if not very close to it. Actually, next quarter should be remarkably better with their new commercial, more updates that all have shown significant versions from prior versions, more carriers, the dev scene growing and improving, and more.

Palm also mentioned future devices. That's great news. They have a remarkable team in Palm with great minds. If anyone knows how to pull it out, it's them.

I really don't see the need for new hardware, not yet. The Pre Plus is an excellent phone, as is the Pixi Plus. You lot are never pleased.

You did read that they did not sell over 500,000 phones? These phones were shipped and are sitting on store shelves or in the back room. They need a 'wow' phone asap.

Maybe this doesn't mean what you think it means. Just sayin'

Sorry for the double post.

Carlos Ghosn told Nissan when he became CEO that there was no problem with a company that a good product would not fix. Palm is still in the process of launching a good product, give it some time.

They are not burning much cash this quarter. They used $7M of free cash flow (operating less capex), so they are managing cash well and still managing to develop and launch new products. This quarter does not look like a company ready to fold, but like a company that has not lived up to its own expectations. However, they did not seem to spend money this quarter expecting huge revenue. I think they are managing well.

I understand the concept of WebOS being a work-in-progress but it's becoming increasingly apparent that Palm has run out of time. WebOS is just not what the market wants and the upcoming barrage of iPhone OS 4.0, Android 2.1, and Windows Phone 7 Series is just going to make it even worse.

I absolutely love my Pre. Love it! Love the form factor but:

1) People, unlike me, want an Iphone size screen. The form factor has to be larger.
2) Palm must provide not better hardware but the best hardware
3) There must be removable storage.
4) Fastest processor available with Rambus fast memory
5) music player has to be improved
6) Better advertising

AD: Is your phone a wimp? Can your phone multitask?

Come on Jon, you are so close. Don't give up and don't mess it up. This has the potential to be the best smartphone but time is running. There is no room for any mistakes.

I think that having a dummy iPhone in every sprint store would be a great sales tool. Have shoppers put the iPhone in their pocket and try to bend over. Then do the same with the pre.

The iPhone form factor seems good unless you wear jeans a lot...

One of the things I did in the Sprint store before buying the pre was put one in my pocket. You have to live with it and the pre is a very livable phone.

I was talking to a guy today who's with Verizon went into the store and loved the Pre.
The clerks told him if he really wanted it they'd sell it to him but the Droid or a blackberry is better.

Where's the problem? Has Verizon sold enough of these phones to justify those comments or are they going by something else?
When your partners sales people tell people NOT to buy your products then what?
Palm has a lot of problems right now and while we all want a new WebOS phone the truth is they NEED a new phone that can blow away not only the Droid but the Nexus One, not hard from what I've read, and the upcoming HTC Supersonic, gonna be hard, but people minds.

It's been rumored that Hesse is going to announce the Supersonic at CTIA with availability shortly after, I hope Palm has a major HARDWARE announcement. WebOS2 on the Pre is not going to cut it.

The clerks told him ...him but the Droid or a blackberry is better."


Tons of people say iphones suck. They don't have a problem selling them. If a phone is good enough you're not going to talk many people out of buying it.

But Apple is not going anywhere and can you say the same for Palm? 500,000 Palm phones were made but not sold? They only sold 400,000 does that mean for the 4th quarter they dont need to made any new Pres? They cant keep building phones if no one is buying them.

my point is that blaming verizon employees is a cop out. Make a product that sells itself.

android is not that great. It just has a lot of people pushing it, including sprint and verizon reps who clearly don't know their buttholes from a hole in the ground.

Precisely!!

........

If you work for Palm and know a high up email, particularly in management, marketing, sales, etc... PLEASE forward this to them! They obviously do not understand what they are supposed to be doing, or it would have been done by now. Nine months later, with Pres across the globe and Pre Pluses, Pixi Pluses, & Pixis in America ain't doing much for them... and a "new, revamped" marketing department are still not getting the message across!!

Try a listing exercise, Palm Marketing & Sales!! See how obvious that you need to be pushing webOS as consistent across ALL products. Just because carriers have exclusives doesn't mean the others aren't going to be getting updates like the newest Palm phone. They're not even THAT far behind... just *slightly* different. Research differences to see which one suits you best! ;)

The common denominator is webOS. PROMOTE IT WITH THAT FEW HUNDRED MILLION YOU'RE SITTING ON, RUBY!!

[QUOTE=grndslm after his nap]

Here's my final end point in less words, but the other message is good too. ;)

You can roll this all into a 30 second commercial with a voice overlay of a guy talking about nothing of what's happening on the 10 or so 3-second clips. But actually, now that I'm thinking about it... having 8 clips of the 8 things I mention below would be a far more effective ad.

I hope you agree. Please tell me if you think otherwise.

================

What they really need to do is GET MICROPHONE APIs.

Then all they have to do is convince Verizon (and all the other carriers') reps to at least MENTION that...

A) webOS has 3D gaming
B) webOS has Flash
C) webOS has microphone APIs
*AND*
D) Android has NONE OF THOSE!!

Not to mention...

E) webOS automatically updates itself every other month, bringing evermore features than when you buy it today!
F) webOS backs up your most important data (excluding text messages and media!) on a daily basis to remote servers... all for FREE!
H) webOS automatically reinstalls all your apps (as well your other important data) after switching to a new phone or a simple reinstall if absolutely necessary.
I) etcetera, etcetera...
*AND*
J) Android has NONE OF THOSE EITHER!! :P

We need 1.5 to be a solid finish that just drills the crap out of Android on so many levels.

YOU CAN'T DO THE MARKETING RIGHT UNTIL YOU PAY EACH CARRIER $2 MILLION A PIECE JUST TO MENTION THESE ADVANTAGES AND BENEFITS... AKA: A PARTNERSHIP!!

Maybe not two mil a piece, but... you work somethin' out, see...

All these benefits and advantages, but NO REP WANTS TO MENTION IT!?! ***, CHUCK?!?

================

You can do the marketing right right now, but doing it WITH microphone is the final nail in the coffin that just kicks Android to the curb and then smashes his metal face in.

And heck... partnering with Verizon for $1 or $2 mil would be plenty, because Sprint would realize that WAS their premier phone and then toughen up all on their own. Or something like that.

Let's do lunch. :)

[/QUOTE]

Sales is the simple answer to the problem.

webOS is the solution... driven thru nationally televised ads (think droid style, effective & efficient) and partnerships based around sales reps memorizing these features, advantages, & benefits. Write a good enough script for Verizon and they will learn it for sure... even if you've gotta pay 'em to do it.

I don't understand why this is so difficult to see.

Before I put my comment here, I would first like to say that I have been happy with Palm's financials since last summer, and have made my comments accordingly on this fine blog. So keep that in mind as I lay this out.

This conference call comes down to 2 things:

1.) The Good: Profits, Debt, and Cash. Really very good considering where Palm has come from. I have been upbeat about Palm's position to this point because in the _long_ term these are the things you must take care of to turn (and stay) positive.

2.) The Baaaad, ugly, scary: Inventory. I have tried to watch very carefully the inventory numbers, and this has been my area of concern all along. Excess inventory kills your business today, like NOW, in the _short_ term.

That's why they've had to cut margins. 15% is a retail high volume type of margin where you turn your inventory 6+ times a year; in wholesale, 15% is nothing; no profit at all after overhead, interest, etc.

More than a quarter's worth of last year's inventory in the pipe means that Palm is going to have to cease production of all current SKUs just to have enough working capital to develop and produce their new hardware. My guess is that it was partly Palm's decision that is responsible for the delayed launch on ATT. They simply cannot afford to build units for ATT right now.

This is a huge mistake on Palm's part. Too much optimism in launching on Verizon, bad initial marketing, and tougher competition from the Droid and others play into it, but really the problem is in supply chain management: not scaling the production (or not having the flexibility) to just meet demand. I have felt that in the last 3 quarters that Palm was doing this well. We will have to wait and see if they can get back on track.

I'm actually glad to hear Rubenstien's obvious disappointment. Hopefully he will learn quickly from this mistake and make better decisions in the future from it. This has to be a major setback for Palm for now. How they deal with it will be determine their future. If they do badly, Palm as we know it will cease to exist in less than a year. If they do well, the sky is still the limit.

As an investment, I am maintaining a buy position on Palm. Anything less than $6 is a bragain.

I would also like to see Palm be more aggressive in making some new partnerships. I know they seem to want to go it alone for now, but if I were Rubenstein, my first call tomorrow morning would be to "my old dear friend, Steve...Balmer!" =)

Results did beat expectations: UPDATE 1-Palm revenue tops expectations

Edit: nevermind - CORRECTED - UPDATE 1-Palm revenue tops expectations

Aw, I figured stock would drop again. That's why I put in for a limit buy a few weeks ago. Just got some at 4.65 a share.

I'm betting they recover. Palm, please recover.

sorry guys! But unless palm can put out a solid hadware by (at least) the end of the summer, it will be game over for them.
now more than ever, because the nexus one will be available in all 4 mayor carriers and not to mentione sprint will launch the first 4G device in the supersonic; so is do or died for palm!!

RIP palm. you gave it a good try.
man, i wish i had not been an early adopter w/ Sprint.

i will buy a Nexus One when it is released for Sprint and move my service to it. I do not think WebOS will survive.

Hope palm manages to recover :/ -wc