Palm on Thursday reported their summer quarter’s financial results, which ended in August. The company reported loss of $41.9 million. The year-over-year loss increased by $41 million, which was just $0.8 million for same period last year. Palm blamed more than half the loss ($24.4 million) on increasing stock prices and related compensation, the rest Palm blamed on performance related problems.
Loses have increased even though year-over-year sales have increased by 49% to 1.03 million. Palm’s revenue also climbed 10% to $333.8 million. Palm CEO Ed Colligan said that the company was in middle of a transformation that won’t near completion until the launch of its long-delayed, Linux-based phone in early 2009.
Palm is hoping that the financial results will improve, as the entry-level Centro handset continued to do well. The company has also launched two new Treo smartphones the 800W for Sprint and the HSDPA Treo Pro.
[Via MacNN]