Palm extends losses to five quarters

Smartphone manufacturer Palm has posted a fifth successive quarterly loss for the three months to end-June 2008, of US$41.9 million, despite increasing quarterly device sales by 49 per cent year-on-year.

Revenues rose to US$366.9 million, up 10 per cent from the same period last year, with sales reaching 1.029 million smartphones.

Despite soaring losses, Palm president and CEO Ed Colligan remained optimistic that the company was on track to re-establishing itself, “as the leading innovator in the smartphone marketplace”.

“While we’re still in the midst of our transformation and have challenges ahead, we are bringing outstanding new products to market, hiring world-class talent and preparing to launch a new platform that will usher in a new era at Palm.”

But he admitted to analysts that revenues would remain under pressure and profits would be elusive over coming quarters.