Palm warned Wall Street of lower than expected sales for Q3. Palm CEO Jon Rubenstein issued a company-wide email message to employees.
Our softer than expected performance is due to slower than expected customer adoption of our products, which in turn has prompted our U.S. carrier partners to put additional orders on hold for the time being.
Translation: ‘Sales really stink.’
On a positive note, we expect to exit the quarter with over $500 million in cash on our balance sheet.
By comparison, Apple, Inc. has over $40-billion in cash; 80 times that of Palm. Palm is not ‘Apple, Jr.’ as Dan Frommer says. At best, Palm is an Apple miniscule wannabe.
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