The AP reporting that Palm Inc. posted a $164.5 million Q1 loss, which translates to $1.17 a share. During the same time frame last year, the company lost $41.9 million or 39 cents per share. Revenue is down over 18%, from $366.9 million to $68 million. The expected loss was greater. The average figure analysts quoted was $297.7 million, according to the AP.
Palm Chairman and CEO Jon Rubinstein said in a statement, "We're making significant progress with Palm's transformation, and our culture of innovation is stronger than ever. We're launching more great Palm webOS products with more carriers, and turning our sights toward growth."
The AP also reporting that Palm will sell around 16 million shares in an offering.