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SAN JOSE, Calif. (AP) - Palm Inc. reported a 61 percent drop in its third-quarter profits Thursday as speculation of a buyout continued to swirl. Sales of the company's Treo smart phones reached record levels, but increased costs, $5.7 million in stock-based compensation, and $3.7 million in acquisition-related charges hurt Palm's bottom line.
For the three months ended March 2, the Sunnyvale-based company said it earned $11.8 million, or 11 cents per share, on revenue of $410.5 million. In the year-ago period, Palm earned $29.9 million, or 28 cents per share, on sales of $388.5 million.
Excluding stock-based compensation and other one-time items, Palm said it would have earned $16.5 million, or 16 cents per share, compared with $19.8 million, or 19 cents per share, in the year-ago period.
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