Palm Reports Third Quarter Loss (PALM)

Palm Inc. (NASDAQ: PALM) released their third quarter earnings numbers after the closing bell this afternoon. The company reported a loss of $22 million, or $0.13 per share compared to a loss of $98 million, or $0.89 per share in the year ago period. On a non-GAAP basis, which excludes non-recurring items, Palm's performance was quite a bit worse. Going by this metric, the company lost $102.8 million or $0.61 per share compared to a loss of $94.7 million or $0.86 per share in last year's third quarter.

Revenue came in at $349.9 million from $90.6 million in last year's corresponding quarter. On a non-GAAP basis, revenue was $366 million. Analysts polled by Thomson Reuters had expected Palm (PALM) to report a loss of $0.42 per share on revenue of $316.19 million. During today's trading session, PALM shares surged 5.21% to $5.65 as traders looked to the struggling company to provide some upside in their earnings report. In the after hours, the stock has gained 0.35% to $5.67 in the wake of this report. Palm stock has been under tremendous pressure over the last 6 months, falling almost 60% as the company's smartphones have failed to gain traction with consumers. Palm has risen from the dead before, so don't count this company out, but things are looking very dicey right now. Much of the money flowing into this security is speculative, as investors and traders are looking for Palm to bet bought out.