Palm already lost more than half its stock value back in February, when they announced that the Palm WebOs smartphones are not selling as expected. Yesterday Palm unveiled their 3rd quarter of fiscal year 2010 numbers.
Today, in early hours trading at the Nasdaq the Palm stock takes another beating and is down over 18%.
Palm shipped a total of 960,000 smartphone units during the quarter, representing a 23% increase from the second quarter of fiscal year 2010 and an almost 300% increase versus the third quarter of fiscal year 2009. This alone would sound not so bad, but the smartphone sell-through for the third quarter was 408,000 units, down 29% from the second quarter of fiscal year 2010 and down 15% year-over-year. This means about half a million Palm phones are waiting at carriers for their customers - are you buying?
According to Reuters, several analysts have their price targets for Palm shares and rank the stock as a sell.
I hope for Palm that they can find a way to compete with Android, Apple and Windows 7 Mobile. In my opinion they had a great initial start with a lot of hype and interesting. Now they need quickly shift into the next gear to not go under.
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