Palm Reports Q2 FY09 Financials

Palm has announced preliminary financial data for Q2 FY 2009, which ended on November 28th. The company says that is has recorded record revenue in the range of $190 million to $195 million. Oddly Palm says record revenue and then says that the revenue decline from Q1 fiscal 2009 and Q2 fiscal 2008 is a result of reduced demand for maturing smartphone and handheld products.

Palm cites the poor economy as another reason for the decline from previous quarters. To remedy falling revenue Palm says it will be laying off part of its workforce, consolidating European operations, and shifting responsibilities for Asia Pacific sales. Palm expects these measures to reduce operating expenses by $20 million compared to Q1 fiscal 2009 levels.

“We are seeing unprecedented dynamics in the global markets as economic uncertainty hampers demand for consumer products,” said Ed Colligan, Palm’s president and chief executive officer. “In order to ensure Palm’s long-term success during these uncertain times, we’re taking several steps to significantly reduce our cost structure. These measures will help us navigate this difficult period while launching our next-generation products as planned.”

Via Palm

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