Palm Sees Better Sales, Cuts Jobs
Palm Inc. said its second-quarter loss will meet analysts’ consensus estimate and sales will beat forecasts, as it announced plans to cut 250 more jobs.
The biggest maker of hand-held computers said its loss for the quarter ending Friday should come in at 7 cents a share, matching forecasts, while sales should come in at $250 million to $280 million. Analysts on average expected sales of $232.1 million, according to Thomson Financial/First Call.
Palm stumbled this year in introducing new products and has slashed prices to cut inventory. The job cuts represent 18% of Palm’s work force.
Shares of Santa Clara, Calif.-based Palm climbed to $3.66 on the news after closing off 21 cents at $3.41 on Nasdaq.