Palm cuts 250 jobs, touts financial outlook

ITworld.com |  Hardware

Palm Inc. on Wednesday simultaneously offered a fiscal second-quarter financial outlook that is rosier than had previously been expected and announced that it is slashing 250 jobs and contractors.

Palm expects to report revenue for its second quarter, which ends Friday, between US$250 million to $280 million, which would fall in the upper range of its previous forecast. The Santa Clara, California-based handheld maker further expects to meet financial analyst estimates that it will show a pro forma loss of about $0.07 per share, the company said in a statement.

Those pro forma results will exclude various charges. The company expects to report its second-quarter financial results after the U.S. stock markets close on Wednesday, Dec. 19.

The job cuts are to bring the company's resources "into alignment" with the needs of its Solutions and Platform Solutions businesses, Palm said. The number of jobs to be cut will take into account planned hiring of workers for those two groups.

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