Palm revenue drops 47 percent in Q1

Palm Inc. revenue dropped 47 percent in the first fiscal quarter of 2002, compared to a year ago, in the face of slow demand and increased competition.

For the first quarter, which ended Aug. 31, Palm reported revenue of US$214.3 million, with a pro-forma net loss of $38.7 million, which translates into a loss of $0.07 per share. Analysts polled by Thomson Financial/First Call predicted the handheld vendor would lose $0.09 per share for the period.

That revenue figure is down from the $401 million the company reported in the first quarter of 2001. Palm's pro-forma net income in that quarter was $23.9 million, or $0.04 per share.

Palm shipped 750,000 devices during the quarter, about half what it shipped in the year-ago quarter, Palm said.

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