Palm Inc. Reports Record Sales, High Earnings

Yesterday, Palm reported record sales with 1.5 million devices shipped during the last quarter, compared to 1.18 million units shipped in the prior quarter and 920,000 in same quarter last year. They also reported earnings well ahead of Wall Street estimates. Wall Street had expected the company to report operating income of 2 cents a share, while Palm earned $23.9 million, or 4 cents per share. Including acquisition- and spinoff-related charges, Palm these figures dropped to $17.3 million, or 3 cents per share, during the quarter. They had revenues of $401 million.

In the same quarter 1999, Palm earned $10 million, or 2 cents per share, on sales of $176.5 million.

The average selling price for Palms was down to $240, down from $262 in the previous quarter.

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