palmOne Shares Soar 40% on Positive Outlook
Shares of palmOne have soared today in trading on the positive quarterly results, strong Treo demand and future outlook for the next fiscal year.
PalmOne shares have jumped to $30.13, up $8.67, after hitting $30.70, its highest level since it became a stand-alone company last October.
According to this Reuters report, analysts cheered the results, noting that while there has been much excitement over Treo smartphones, PalmOne managed to stoke demand for its basic personal digital assistants, or PDAs, whose overall industry sales had been declining.
They were perhaps most encouraged by palmOne's forecast for the fiscal year 2005, which ends in May. The company called for a full year profit of $1.15 a share to $1.25 a share, on revenue of $1.21 billion to $1.29 billion, and stronger profit margins, all higher than Wall Street estimates.
Shares of PalmSource are also up today, gaining $2 for a upward gain of 14%.
Article Comments(31 comments)
This article is no longer accepting new comments.