SANTA CLARA, Calif.—Investors and the analyst community roared their approval of Palm Inc.’s third-quarter results, sending the company’s stock up almost 25 percent to about $3.90 per share.
Palm reported revenues of $293 million for the third quarter, up 1 percent from the $291 million reported in the previous quarter and down 38 percent from the $471 million reported for the same quarter last year.
“We’re pleased to report our third consecutive quarter of improved financial results, despite the traditional post holiday seasonal slowdown,” said Eric Benhamou, the company’s chairman and chief executive officer. “Tangible progress across virtually every aspect of our income statement and balance sheet gives us increased confidence in our ability to execute and to return to profitability.”
Net income was $2.9 million, or $0.01 per share, compared with a net loss of $25.2 million for the previous quarter and a net loss of $1.9 million for the same quarter last year.
JP Morgan upgraded the company’s stock following the news.
