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Edition: U.S. Article Comments (1) Save Email Print Reprints Most Popular Most Shared Dubai Mall partly evacuated after aquarium leak 8:11am EST Orca kills trainer at Florida's SeaWorld | Video 12:11am EST After stoic showing in Congress, Toyoda breaks into tears 12:24am EST Slain Hamas man used many passports: confidant | Video 11:17am EST Got milk intolerance? U.S. experts say it's unclear 9:10am EST Dubai Mall partly evacuated after aquarium leak 8:11am EST Got milk intolerance? U.S. experts say it's unclear 9:10am EST Orca kills trainer at Florida's SeaWorld | Video 12:11am EST A bottle of pills to kick the bottle 1:17pm EST Coke to buy top bottler's North America operations 3:42pm EST SPECIAL REPORT Inside Apple's fortress of secrets Inside a walled city in South China and amid intense security, employees are provided with dormitories, canteens, recreation facilities, even banks, post offices and bakeries. The goal? Keep Apple's secrets. Full Article Apple's iPad e-book store to use DRM: report Mobile operators unite to fight Apple app store Palm cuts revenue outlook on weak phone sales Sinead Carew NEW YORK Thu Feb 25, 2010 1:37pm EST Related News Nokia, Motorola win smartphone share; outlook weighs Thu, Jan 28 2010 AT&T retains Apple glitz with iPad deal Wed, Jan 27 2010 AT&T retains Apple glitz with iPad deal Wed, Jan 27 2010 AT&T retains Apple glitz with iPad deal Wed, Jan 27 2010 Dan Hesse, Chief Executive Officer of Sprint Nextel Corp., is silhouetted during a news conference announcing the launch of the Palm Pre smartphone in New York June 5, 2009. Credit: Reuters/Shannon Stapleton NEW YORK (Reuters) - Palm Inc slashed its revenue targets on weak demand for its smartphones, renewing concerns about its ability to compete against rivals like Apple Inc and sending shares down 16 percent. Technology | Hot Stocks | Media The warning came only weeks after Verizon Wireless began to sell Palm's Pre and Pixi phones, suggesting that the addition of the top U.S. mobile service as a sales partner was not helping Palm as much as had been hoped. Analysts said the news means Palm may now be less likely to find a buyer. The company, run by former Apple executives, has often been rumored as a potential acquisition target for the likes of Nokia, Dell Inc, Microsoft Corp and Research in Motion Ltd. Palm's warning followed downgrades earlier this week from at least two brokerages; but analysts said the new forecasts were even weaker than their already low expectations. "With the U.S. market being Palm's best opportunity for more levered growth, we are more concerned with the future growth opportunity," said UBS analyst Maynard Um, adding that Palm may start to offer aggressive discounts to spur sales. Palm forecast revenue of $300 million to $320 million, including deferred revenue, for its fiscal third quarter ending this month. That was well below the average analyst estimate of $424.7 million, according to Thomson Reuters I/B/E/S. It also said full-year revenue would be "well below" its previous target of $1.6 billion to $1.8 billion. Wall Street was expecting $1.6 billion. Um said Palm will likely report as few as 750,000 phone sales in the quarter, which would be 25 percent less than his earlier expectation for 1 million units. The company blamed slower-than-expected consumer adoption of its products, leading to weaker-than-expected orders from operators and the deferral of orders to future periods. Palm Chief Executive Jon Rubinstein said the company was working closely with carrier partners to increase awareness of its products and drive sales. "However, driving broad consumer adoption of Palm products is taking longer than we anticipated," the executive said in a statement announcing the revenue outlook. VERIZON'S MARKETING Investors had had high hopes for Palm's deal with Verizon, which expands its sales channel beyond Sprint Nextel Corp, the No. 3 U.S. mobile service. But some analysts said Verizon Wireless did not advertise the Palm phones well, instead featuring the Droid phone from Motorola Inc. "Verizon has puzzlingly refrained from providing the marketing muscle behind the products that we had expected," Morgan Stanley analyst Ehud Gelblum said in a research note. Verizon Wireless, a venture of Verizon Communications Inc and Vodafone Group Plc, said that Palm phones were the focus of its Valentine's Day advertising and that it continues to promote the phone in TV, print and online. It declined to comment on future advertising plans. Palm is betting on its new webOS software to help its phones compete more effectively against rivals such as Apple's iPhone and the BlackBerry from Research in Motion. CL King analyst Lawrence Harris said that while weak advertising at both Verizon and Sprint had hurt sales, he saw a deeper problem with the phones themselves. "The devices have small keyboards and small screens while the world is moving toward larger displays," Harris said. AT&T Inc, the No. 2 U.S. mobile provider, said in January that it would sell two Palm phones in the first half of this year. Harris said today's news might affect that plan. "These carriers watch each other very closely and try to get the hottest, slickest devices. If they see the sales are slow at Verizon, it could affect AT&T's initial order levels," he said. An AT&T spokesman said its Palm announcement stands but declined to comment further. The Pre, the first phone based on Palm's webOS software, was greeted with enthusiastic applause at the Consumer Electronics Show in January 2009, where it was the highlight of the show. But sales did not live up to the hype after a high-profile launch last summer. The device was hurt by initial supply constraints and stiff competition, and some analysts had worried that sales at Sprint were cut by the announcement last summer that Verizon Wireless would sell the Pre this year. Palm shares fell $1.30 to $6.79 in busy trade on Nasdaq. The shares have halved in value since mid-January, after investors were disappointed by Palm's lack of a substantial new product at the CES show. (Reporting by Sinead Carew and Franklin Paul; Editing by Gerald E. McCormick and Tiffany Wu) Technology Hot Stocks Media Comments See All Comments (1) | Post Comment Feb 25, 2010 2:36pm EST get rid of that keyboard ilbit77 Report As Abusive See All Comments (1) Add a Comment More from Reuters Stocks slip on economic worries, Greece weighs NEW YORK (Reuters) - U.S. stocks fell on Thursday but were off session lows after weak employment and durable goods data added to recent worries about the strength of the economic recovery. | Video Bernanke wants answers on Goldman role in Greece Buffett letter has big audience as Berkshire bulges Apple's Jobs says must think "big" on cash hoard U.S. accuses ex-Madoff exec with broad role in fraud Weak data raises worries about recovery » More Top News Special Report: The Street's jobless recovery Although profits are back and bonuses are soaring at financial firms and banks, big paydays have not translated into bigger payrolls. Full Article | Related Story Fixed income hot in slow recovery Traders return to sell-side fold Bank crisis CEOs return Economy Vancouver 2010: Germany seize medal lead A little known skier emerged from a foggy giant slalom course to snatch gold for Germany and put her country on top of the Olympic medal table. Full Article Intelligence operations target cheats Aussie flyer returns to reach the stars Moral responsibility for luger's death 2010 winter olympics © Copyright 2010 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 EVCJ 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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