Palm's 3rd quarter losses increase from $31 to $57 million

Larry posted the news about Palm's third quarter report and unfortunately, I am following up his report with more bad news for Palm. Palm just filed an updated third quarter report that increased their net loss from the previously reported US$31 million (30 cents/share) to US$57million (57 cents/share). The expected loss was only 14 cents/share so this is not good news for Palm.

Palm’s 3rd quarter losses increase from $31 to $57 million
Larry posted the news about Palm's third quarter report and unfortunately, I am following up his report with more bad news for Palm. Palm just filed an updated third quarter report that increased their net loss from the previously reported US$31 million (30 cents/share) to US$57million (57 cents/share). The expected loss was only 14 cents/share so this is not good news for Palm.

Thanks to Electronista for helping me see in the financial report that the extra loss is attributed to a $25.5 million write-down for auction-rate securities, which have since fallen in worth due to a collapsing American debt market.

The Centro is the only new device Palm has on the market and it seems to be doing well, but at the low selling point I don't know how much longer Palm can rely on that device to keep them afloat. We most likely won't see the new Palm OS running Linux until 2009, if Palm can stay around that long in a highly competitive mobile market. I really wish there was some positive news for Palm since I know some great people who work for the company and the Palm 1000 was my first mobile device back in 1997.