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Palm Quarterly Loss Narrows
Sep 19, 2003
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Handheld computer maker Palm Inc. said its fiscal first-quarter loss narrowed on higher prices for its pocket-sized computers, but revenue growth was short of Wall Street forecasts as sales slumped at large U.S. retailers.

The company said that sales to consumers declined by 9 percent globally during the quarter, which is near the completion of its acquisition of rival Handspring Inc. Shipments of the devices to retailers fell 21 percent.

Average selling prices "were up 38 percent year-over-year," Palm chief financial officer Judy Bruner said on a conference call. "These results reflect the higher-end mix of products that we emphasized this quarter... and an overall market demand environment that appears to have been down on a unit basis compared to last summer." (Reuters)

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