Palm edges past Street and its own guidance in Q4

Palm on Tuesday reported fourth-quarter revenue of US$165.3 million, with a pro forma net loss of $89.2 million, or $0.16 per share, edging past both its own guidance and analyst estimates.

Analysts polled by Thomson Financial/First Call predicted the handheld vendor would lose $0.19 per share for the period.

Volume shipment of Palm's m500 series and close collaboration with channel partners helped spur end-user demand, resulting in an overall reduction in channel inventory during the quarter, putting the company on track to turn a profit again in the second quarter of next year, Carl Yankowski, Palm's chief executive officer said in a statement.

The company also reported an excess inventory charge, a restructuring charge and an asset impairment charge during the quarter, totaling $436.5 million, Palm said.

The company reported an actual net loss for the fourth quarter, ended June 1, of $392.1 million or $0.69 per share, down from net income of $12.4 million or $0.02 per share for the year-earlier quarter.

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