Palm reports significant losses in Q3 2009

Palm has reported significant financial losses in the third quarter of 2009, but Palm CEO Ed Colligan is reminding investors that everything is on track for its much anticipated Palm Pre smartphone to be launched in the second quarter.

Palm reported a net loss of $95 million, or 89 cents per share in the third quarter of 2009, according to a press release. Net loss expanded from $54.7 million or 53 cents per share in the same quarter last year. The company missed the average 57 cent per share analyst estimate by 32 cents per share.

"We're proceeding through a challenging transitional period, however our current results shouldn't overshadow the tremendous progress we've made against our strategic goals," Ed Colligan said in a statement.

Total revenue in the third quarter of 2009 fell 71 percent to $90.6 million from $312 million in the same quarter last year. Palm sold 482,000 units this quarter, down 42 percent when compared to the same quarter last year when it sold 833,000 units.