MOUNTAIN VIEW, California, United States—Shares in wireless personal digital assistant (PDA) maker Handspring tumbled by more than 20 percent following the company’s disappointing third quarter report.
Handspring announced revenue of US$60 million, down from the US$70 million the company earned in the prior quarter. The company’s net loss was US$19 million, and it ended the quarter with US$159 million in cash and investments. The company lowered its outlook for the coming quarters due to slower-than-expected sales of its newly released Treo PDA/mobile-phone device.
CIBC World Markets, Pacific Crest, Robert W. Baird and BMO Nesbitt Burns downgraded the company following the news. The company’s stock dropped by about 80 cents per share to about US$2.93 per share in afternoon trading.
Separately, Handspring announced it launched its Treo device in Australia through Optus and Vodafone.
