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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Flu pandemic may change US flu approach forever 17 Dec 2009 Obama faces healthcare insurrection from left flank 17 Dec 2009 Citi could face heavy U.S. influence for some time 17 Dec 2009 Journalist deaths hit record in 2009: report 17 Dec 2009 MTV deletes "Jersey Shore" punch scene 14 Dec 2009 RIM profit, outlook top forecasts; shares surge 17 Dec 2009 Citi could face heavy U.S. influence for some time 17 Dec 2009 U.S. architecture billings index falls in November 16 Dec 2009 Journalist deaths hit record in 2009: report 17 Dec 2009 U.S. spends $23 billion on Afghan contracts so far 17 Dec 2009 Pictures Pictures of the year: Technology A look at the year's best science and technology photos. Slideshow Palm shares off as Sprint customer demand tepid Gabriel Madway SAN FRANCISCO Thu Dec 17, 2009 7:53pm EST SAN FRANCISCO (Reuters) - Palm Inc reported a wider-than-expected quarterly loss as consumers cooled to its new smartphones in the face of fresh competition including devices based on Google Inc software. Hot Stocks Palm shares fell 7.7 percent after the company revealed on Thursday that its partner Sprint Nextel was selling fewer Pre and Pixi devices than expected and that Palm planned a marketing blitz to stimulate demand. The smartphone market teems with rivals, from pacesetters Apple Inc and Research in Motion Ltd, to a growing number of new entrants, such as Dell Inc. Investors are worried about Palm's hefty costs as it tries to turn around its business and about increasing competition from phones at Sprint, the only U.S. operator that sells the Pre and Pixi phones. Palm's report contrasted with stronger-than-expected results at Research In Motion, which also forecast strong demand for the current quarter. On a conference call with analysts, Palm cited lower-than-expected demand among Sprint customers, who also had a choice of Android phones from HTC Corp and Samsung Electronics. The company said it shipped a total of 783,000 smartphone units during the quarter, up 41 percent from last year and better than many analysts expected. But smartphone sellthrough units -- which reflect how many phones actually end up in consumers' hands -- totaled only 573,000, which was down 4 percent from the year-earlier period and 29 percent lower than the previous three months. Palm's smartphone average selling price was $375 in the November quarter, down from $427 last quarter, reflecting last month's launch of the lower-cost Pixi. Still, Palm reaffirmed its fiscal 2010 forecast for revenue of $1.6 billion to $1.8 billion, and Chief Executive Jon Rubinstein said the company plans to spend aggressively and ramp up marketing to push its devices. Palm said its main priority is to grow market share. "We need to work very hard to get the word out and get people to understand why our products are better than the competition's." C.L. King analyst Lawrence Harris said the company's rivals are showing momentum. "Google with their Android software appears to be gaining traction. Over the next couple of months a longer-term issue is how they address this competitor." NARROWER LOSS Palm reported a net loss of $81.9 million, or 54 cents a share, in its fiscal second quarter ended November 30, versus a year-ago net loss of $506.2 million, or $4.64 a share. Excluding items, Palm posted a loss or 37 cents a share, which was wider than the average analyst forecast for a loss of 32 cents, according to Thomson Reuters I/B/E/S. Palm is pushing phones based on its new webOS mobile software, and some analysts are impatient for the company to launch with new carriers. "Number one, when do they sign more carriers beyond Sprint here in the U.S?" said Shaw Wu, an analyst at Kaufman Bros. adding, "At what time can they leverage their spending?" Palm said on Thursday only that it will be launching with new carriers in the "near future." Some analysts expects Palm to announce plans at the Consumer Electronics show in January for Verizon Wireless to sell one of its phones. Verizon Wireless is a venture of Verizon Communications Inc and Vodafone Group Plc. Palm's shares are extremely volatile and have been a favorite of short-sellers. The company is frequently mentioned as an acquisition target. Shares of Sunnyvale, California-based Palm closed at $11.72 on the Nasdaq and fell to $10.82 in extended trading. Shares of Palm are up more than three-fold this year, but down more than 30 percent from a 2009 peak reached in September. (Reporting by Gabriel Madway in San Francisco, Gina Keating in Los Angeles and Sinead Carew in New York; Editing by Gary Hill) Hot Stocks Add a Comment More from Reuters U.N. climate negotiators hammer out initial draft COPENHAGEN (Reuters) - Negotiators facing a Friday deadline hammered out an initial draft U.N. climate pact overnight that calls for a two degree Celsius cap on global temperatures and billions in aid for poor nations, sources said. | Video China to stay a plodding "ox" in year of the tiger Military spending bill clears Senate hurdle U.S. FINRA launches inquiry into firms' trading tips: report Super Saturday expectations high for U.S. retailers RIM profit, outlook top forecasts; shares surge » More Top News Citi's next challenge Citigroup's plan to extract itself from the government's clutches didn't go as planned. For the bank to succeed, one of two things need to happen. Full Article Treasury eyes max price for Citi shares How the Citi stock offering flopped Citgroup share price ECONOMY "We're not asking for a bailout" If the U.S. is serious about creating jobs it should invest in aviation programs, says the chief of the Aerospace Industries Association. Just don't call it a bailout. Full Article Defense companies eye deals in 2010 Senate panel concerned over F-35 Is Jet-A addictive? AEROSPACE & DEFENSE SUMMIT © Copyright 2009 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal ECVJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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