Palm announces first quarter results: $164.5m net loss, 823k phones sold

Nilay Patel
N. Patel|09.17.09

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Palm announces first quarter results: $164.5m net loss, 823k phones sold
Palm just announced its first quarter results -- the first to really include numbers from the Pre -- and they're positive (well, depending on how you look at things), with a $2.8m gross profit on $68m in revenue. Actually, that's a little low, since Palm uses the same sort of subscription accounting for the Pre as Apple does for the iPhone, so the unofficial numbers are higher: $100.6m gross profit on $360.7m in revenue. Still, we should point out that according to GAAP (you know, the rules that matter), the outfit had a net loss in fiscal Q1 2010 of $164.5 million, while the non-GAAP net loss was pegged at $13.6 million. Although Palm wouldn't include break out specific sales data, they did say that the "vast majority" of the 823,000 phones they sold in Q1 were Pres, so take that as you will. Oh, and if you were still holding out hope for more Palm WinMo phones, it's all over -- Palm is doing 100 percent webOS development from now on. (Shocker!).

Update 1: Rubinstein deftly sidestepped the question of why Pixi was launched on Sprint as opposed to another carrier, saying "They're a great partner and we're looking forward to a great holiday season."

Update 2: Asked about MOTOBLUR, Jon said "I don't know much about MOTOBLUR, but I think to build really great products, you have to control the entire experience -- you have to own the OS and the services around it."

Update 3: Jon just said "We're on a web schedule with updates -- you'll see a steady stream of updates and features."

Update 4: Revenue on accessories and anciliary products were "really very small, immaterial to overall trends." When pressed if it was in the low, single-digit millions, CFO Doug Jeffries emphasized, "very, very small."
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