Bad news for Palm in it's third quarter fiscal year earnings released yesterday is spreading on cell phone news sites, it may be the end for Palm as we know it. The reported net loss of $22 million is an fairly large improvement over the $98 million reported during Q3 of 2009. In terms of total revenue, Palm's has increased $90.6 million from the same quarter in 2009, up to $349 million. Despite the rather large improvement over their sales in 2009 it hasn't been enough to bring them into the green. The numbers are better than their previous year, but due to their massive net loss over the past few years demanded a positive year that they just couldn't achieve. Despite shipping 960,000 smartphones which is a 23% increase over the prior quarter, only 408,000 units were sold which is a 29% drop from second quarter of 2010 and 15% decrease for the year. CEO Jon Rubinstein stated the struggle Palm has been facing is "deeply disappointing" and that Palm's board would consider any "reasonable offer" for an acquisition. I am willing to be we'll see similar issues arise over the next few years as the smartphone industry's competition becomes even more fierce. [MobileBurn]

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