Stock Watch: Strong Q1 Fails to Lift Palm

Palm, Inc. (Nasdaq: PALM) was down 15/16 at 51 5/16 Monday, despite reporting first quarter earnings that topped analysts’ estimates.

The Santa Clara, California-based maker of handheld computers said revenue rose to $401 million in the quarter ended September 1st, as income before items totaled $23.9 million, or 40 cents per share. Analysts were expecting the company to earn 2 cents per share.

“The Internet has gone mobile, and we’re leading the transformation with devices that connect wirelessly, and by providing content and services that increase the value and enhance the capability of each Palm-powered handheld,” said chief executive officer Carl Yankowski.

Palm went public in March, when it was spun off from 3Com Corp. (Nasdaq: COMS). Since then, the shares have traded as high as 165 and as low as 20.

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