Palm Inc. barely
surpassed Wall Street estimates for its second fiscal quarter of 2001, ending
Dec. 1, 2000. The manufacturer of handheld computing devices posted revenue of
$522.2 million, a 102 percent hike from the same quarter last year. Actual net
income rose to $20.3 million and 4 cents per share, compared with $12.9 million
and 2 cents per share in the second quarter of 2000.
Palm shipped more than 2.1 million handheld devices in the
quarter, but many retail analysts predict electronics sales troubles ahead.
Stores are trying to get rid of as much inventory as possible in the wake of a
government report earlier this month that shows U.S. consumer spending dropped
0.4 percent in November, normally a big month for holiday shopping. Consumer
electronics was one of the sectors hit the hardest.
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