First Quarter Results of Palm Inc Beats Wall Street Expectations even though it makes a net loss

Palm Inc. on Thursday announced a further depressed first quarter financial results, with the revenues for the smartphone maker sagging for the ninth consecutive quarter.

However, the results still managed to beat Wall Street expectations as the company sold more of its new palm Pre models than had been anticipated.

For the quarter that ended on May 30, the wireless device maker posted a net loss of $161.1 million, or $1.71 per share, as against the net loss of $39.5 million, or 39 cents per share, posted by the company for the same period a year back.

Excluding one-time items and other charges related to stock-options, the company would have posted a much smaller loss of $13.6 million, or 10 cents a share, for the latest quarter.

Revenues plummeted sizeably to $68 million from $366.9 million a year ago. However, after excluding revenues deferred from sales of the Pre, the adjusted revenues would have been pegged at $360.7 million, the company said.

Recent figures posted by the company have beaten the Wall Street forecasts of a net loss of 24 cents a share on revenue of $297.7 million.

Jon Rubinstein, Palm’s chairman and CEO, 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”.