Handheld computer maker Palm posted a quarterly loss after sales of its Treo smartphones were hurt by Apple'siPhone and other devices. The company also lowered guidance for the current quarter.
Palm, in its first financial report since it sold a 25% stake to private equity firm Elevation Partners, posted a fiscal first quarter net loss of $841,000, or 1 cent per share, from a profit of $16.5 million, or 16 cents per share, in the year-ago period.
Excluding one-time items, the Sunnyvale-based company said it would have earned $9.7 million, or 9 cents per share.
On that basis, Palm beat Wall Street's expectations. Analysts polled by Thomson Financial expected the company to report adjusted earnings of 8 cents per share on sales of $360.3 million.