Palm Reports Higher Profits and Revenue

7:35 am on March 28, 2006 | Category: Business, Corporate, Mobile Devices, PDAs

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PDA maker, Palm Inc., reported significantly better-than-expected profits last week in its quarterly earnings report, causing the company’s shares to spike upwards.

The California-based device maker achieved profits of $29.9 million or $0.28/share in the quarter that ended on March 3, a huge improvement over the $4.4 million in earnings in the same period a year previous. Revenue meanwhile, was up 36% to $388.5 million, from $285.3 million a year ago.

This puts an end to a decline in Palm’s performance, thanks to the declining market for standalone PDAs. As a result of this decline, Palm has moved more and more into the wireless smartphone industry, with more advanced (and expensive) wireless communication devices, such as the Palm Treo 700w.

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    Edited by Jeremy Maddock