Palm reports net loss in Q3 FY 2010 earnings, performance "deeply disappointing"

Palm released its third quarter fiscal year 2010 earnings yesterday. The company reported a net loss of $22 million, an improvement over net loss of $98 million reported during the same quarter in 2009. Palm also reported $349 million in revenues, an increase from the $90.6 million it reported during the same quarter in 2009.

Despite shipping 960,000 smartphones, a 23 percent increase over the prior quarter, Palm only sold 408,000 units to customers, which represented a 29 percent drop from the second quarter of 2010 and 15 percent decrease year over year.

During Palm's conference call yesterday, CEO Jon Rubinstein said that the struggles Palm has been facing have been "deeply disappointing." According to The Wall Street Journal, Rubinstein added that Palm's board would consider any "reasonable offer" for an acquisition.