Palm (PALM) Swings Wildly (13%) After-Hours, But Now Down About 3%

September 17, 2009 4:18 PM EDT

Palm (Nasdaq: PALM)reported Q1 results that were above the Street estimates yesterday. At first, Palm sold off 7% likely in response to Palm announcing a 16 million share offering, but after investors had a chance to digest the information, the shares began bidding up, trading to as high as $15.70 in the after-hours.

Today, the stock is retaking losses and is currently down just 3% to around $14.

Investors may like that fact that Elevation Partners intends to buy $35 million of Palm shares in the 16 million share offering and that Palm did guide FY10 adjusted revenue higher than the Street consensus.

Palm beat the Q1 view by 14 cents and also exceeded the revenue expectations by approximately $63 million. Palm sees FY10 revenue ahead of the Street view by approximately $150 million.

Lastly, Palm did ship 823,000 smartphones during the quarter which exceeded what many analysts thought it'd ship.

UPDATE: Click here to see some highlights from Palm's Q1 conference call.

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