Palm, citing sluggish sales of high-end Tungsten handheld PCs, wa...
Palm, citing sluggish sales of high-end Tungsten handheld PCs, warned Mon. it expected shortfall in forecast sales for 3rd quarter. Handheld PC maker said revenue for quarter end Feb. 28 would be $205-$208 million, down from earlier projections of…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
$230-$250 million. Palm also cut 19% of work force in quarter and said it expected to take $2.7 million charged related to settlement of 2 legal matters, which it didn’t disclose. While worldwide shipments of handheld PCs slumped 9% in 2002 to 12.1 million units, sales of Palm products were down 12% to 4.4 million units, Gartner Dataquest said. At same time, Palm said demand for low-priced models such as Zire ($99)and midrange devices met expectations in U.S. and were strong across Europe. However, sales of Tungsten model fell short of expectations even after Palm trimmed price 20% in early Feb. Palm, which previously announced $40-$45 million in charges related to severance and real estate, said it would take an additional $100 million noncash charge to reduce carrying value of 39 acres of land in San Jose where it had planned to build new hq. Meanwhile, Sony Ericsson joint venture was expected to introduce new color screen mobile phone on Tues., Swedish news service reported. T310 is expected to ship in 2nd quarter as follow-up to T300 that Sony Ericsson began selling last year. Company also will be introducing T610, cellphone with built-in camera, news service Mobil reported.