Operating system vendor PalmSource Inc. reported slowing revenues and a net loss, but investors raised the company’s stock by almost 5 percent after the news to around $9.48 per share.
“We continue to make progress in our plan to transform PalmSource into a broad-based software provider for all mobile devices,” said David Nagel, the company’s president and chief executive officer. “With the completion of the China MobileSoft acquisition, we now have a foothold in the Chinese market with our voice, feature and smart-phone products, a low cost, localized development and support capability, and the technology base to improve the competitiveness of our software products internationally.”
PalmSource reported revenues of $17.2 million for its third quarter, down from the $21.6 million it reported in the same quarter a year ago. The company posted a net loss of $700,000, a reverse of the net income of $600,000 it scored in the year-ago quarter. The numbers include one month of revenues from China MobileSoft, which PalmSource acquired at the end of January. PalmSource forecasted that it would post revenues in the range of $17.2 million to $18 million in its fourth quarter with a loss per share in the range of 13 cents to 18 cents.
