Palm Expects First-Quarter Earnings to Fall
Treo smartphone maker Palm said Wednesday it expects its profit to fall in its fiscal first quarter.
For the quarter ended Aug. 31, the company expects to either report a loss of 1 cent per share or to break even. Excluding charges for stock-based compensation, amortization of intangible assets, patent acquisitions, restructuring and the sale of land, the company said it expects profit between 8 cents per share and 9 cents a share.
Analysts, who typically exclude special items, expect earnings per share of 8 cents, according to a poll by Thomson Financial.
The company's estimate for the quarter represents a substantial drop in earnings from the year-ago period, when the company reported profit of 16 cents per share, or 21 cents per share when special items are excluded.
The company predicted its total revenue for the quarter would be between $359 million and $361 million, with smartphone revenue between $300 million and $302 million. Analysts expect revenue of $359.9 million.
The company will report its full first quarter financial statements Oct. 1.