Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

ENCORE!

Tunisia's Carthage International Festival turns 50

Read more

THE OBSERVERS

Muslims and Christians clean up Bangui, and violence spirals out of control in Algeria's Gardaia

Read more

IN THE PAPERS

Is there such thing as 'telegenic' victims of war?

Read more

IN THE PAPERS

2014-07-22 07:21 IN THE FRENCH PRESS

Read more

THE INTERVIEW

Michel Sidibé, UNAIDS Executive Director

Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • Five children among six killed in minibus crash in central France

    Read more

  • Israel identifies ‘missing’ soldier in Gaza

    Read more

  • Hollande says French warship delivery will ‘depend on Russia’s attitude’

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • Ukraine rebels release bodies, black boxes from flight MH17

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • An ‘explosion of violence’: French press reacts to Gaza protests

    Read more

  • Notorious ‘VIP’ prison in Paris closed for renovations

    Read more

  • Christians in Iraq's Mosul face execution or exodus

    Read more

  • Scores killed as Libyan militias fight over airport

    Read more

  • Ukraine football players refuse to return home after friendly in France

    Read more

  • China steps up communist education to guard against ‘moral decline’

    Read more

Business

Smartphone maker Palm shares plunge on disappointing sales

Text by News Wires

Latest update : 2010-03-19

Shares in handheld computer maker Palm plunged Friday after the company reported another quarterly loss and gave disappointing guidance. Speculation mounted that the company could soon be an acquisition target.

AFP - Palm shares plunged Friday after the struggling US mobile device maker posted more disappointing results and speculation mounted that it could be an acquisition target.

Shares in the Sunnyvale, California-based company were trading 18.94 percent lower at mid-day at 4.58 dollars.

Bank of America analysts painted a gloomy future Friday for the handset maker, which has been unable to make a significant dent in the grip on the smartphone market of Apple and Research in Motion, maker of the Blackberry.

"We see no quick fix to the challenges as competitive risks are intensifying and Palm's response appears insufficient," the Bank of America analysts said.

While an acquisition of Palm "is an option, it is too speculative as the rationale to own the stock," they wrote.

"In our view, Palm has at best two to three quarters to turn things around before it may need to consider more extreme options," they added.

Palm chairman and chief executive Jon Rubinstein declined Thursday to comment on speculation the company may be an acquisition target.

"If there's a reasonable proposal the board has to consider it," he said. "But for the three years I've been here our focus has been to build a great company with a great mobile platform and great products."

Palm reported a third-quarter net loss of 22 million dollars on Thursday and said that although it shipped 960,000 smartphones during the third quarter only 408,000 were actually bought by consumers.

Palm's fourth-quarter revenue forecast of less than 150 million dollars was well below the 350 million dollars expected by Wall Street analysts.

Palm came out with some of the first personal digital assistants in the 1990s, but in recent years it has been lagging behind rivals Nokia, Apple and RIM.
 

Date created : 2010-03-19

COMMENT(S)