Palm Plummets on Sales Shortfall (PALM)
3/20/2010-Palm (NASDAQ: PALM) said its income for the year will be far below expectations due to weak sales of its smartphones.
Figures for the third quarter of the year show it shipped almost one million sets, but just over 400,000 actually ended up in customers' hands, missing the company's expectation of 600,000.
Shares of Palm closed down 29.1% to $4.00 Friday after the results were released.
The company has now lost nearly half its value in 2010.
Write to Chip Brian at cbrian@tradethetrend.com
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