Palm Says Revenue Will Be Lower Than Expected, Cites Slow Sales
In a statement, Palm says disappointing sales are due to “slower than expected consumer adoption” of its products, resulting in lower than expected order volumes from carriers and the deferral of orders to future periods.
The company intends to provide more detail on its financial results during its third-quarter financial results conference call scheduled for March 18.
Since peaking in September 2009, at $17.75, Palm’s stock has fallen to less than half that, closing at $8.09 on Wednesday. Expect it to drop more today.
Palm chairman and CEO Jon Rubinstein is quoted as follows:
“Palm webOS is recognized as a groundbreaking platform that enables one of the best smartphone experiences available today, and our work to evolve the platform and bring industry-leading technology to market continues.
However, driving broad consumer adoption of Palm products is taking longer than we anticipated. Our carrier partners remain committed, and we are working closely with them to increase awareness and drive sales of our differentiated Palm products.”
Good luck with that.
How long until a bigger rival snaps up the company?
(Image via HandCellPhone)