palmOne reports earnings, shares surge

Sep 20 - 05:13 PM ET | Palm

palmOne today announced earnings for the first quarter of fiscal 2005 which set off an upsurge in the company's stock (PLMO). Shares of palmOne ended the day up 5% and then spiked another 15% in after hours trading to sit just below $43 a share. Brisk sales of the Treo 600 helped post revenues of $273.1 million with a profit of $19.6 million.

Here are some highlights of the announcement:

• Revenue grew 62 percent, marking the fifth consecutive quarter of year-over-year growth
• palmOne shipped approximately 981,000 Zire, Tungsten and Treo family devices during the quarter

You can read more directly from palmOne. The announcement and eventual sale of the Treo 650 should help sales in the next quarter.

Update: Later into the after hours session, shares of palmOne started to dive, and fell a total of 10% from end of day totals.

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