Palm (PALM) Sees Weak Q3, Still Pins Hopes On New Pre
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Palm, Inc. (Nasdaq: PALM) said it expects to report revenues for the third quarter of fiscal year 2009 in the range of $85 million to $90 million, which is well below the consensus of $157.83 million.
Palm cited the reduced demand for Palm's maturing legacy smartphone products, the challenging economic environment and later-than-expected shipments of the Treo(TM) Pro in the United States.
Palm said the much-anticipated launch of the Palm Pre remains on track for the first half of calendar year 2009, but they've "got a difficult transition period to work through."
Shares are Palm are up 140% YTD on investors' hopes for the new Pre smartphone.
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UPDATE: after being halted for the news, shares of Palm have reopened around $6.60, down nearly 10% from today's closing price of $7.38.
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