Palm Lowers Fiscal 3Q Revenue Guidance
Posted on: Monday, 3 March 2003, 06:00 CST
Palm Lowers Fiscal 3Q Revenue Guidance
source: Associated Press Tech News
MILPITAS, Calif. - Handheld computer maker Palm Inc. lowered its revenue forecast for its fiscal third quarter on Monday, citing lower demand for its high-end products in the United States. Its shares dropped.
The company said it expects revenue to be between $205 million and $210 million, down from the previous guidance that ranged from $230 million to $250 million.
"Economic uncertainty weighed more heavily than we originally anticipated on both the consumer and enterprise segments of the handheld industry," said Eric Benhamou, Palm's chief executive. "Despite these challenges, we continue to execute well operationally, and we are fully confident in the magnitude of our long-term business opportunity."
On Friday, the company said it was cutting about 250 of its 1,170 workers.
Palm will report its full third-quarter results on March 20. Before the revenue warning, analysts expected the company to lose 34 cents per share on sales of $241 million, according to a survey by Thomson First Call.
Shares of Palm tumbled $1.28, or 11 percent, to close Monday at $10.32 on the Nasdaq Stock Market.
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Palm: http://www.palm.com
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