Wireless smartphone maker Palm Inc. said Monday it is cutting its work force and consolidating offices, and expects second quarter revenue in the range of $190 million to $195 million and restructuring costs of $7 million to $9 million.
In the year-ago quarter the company had revenue of $349.6 million.
The revenue decline is a result of reduced demand for maturing smartphone and handheld products, the company said, adding that while it had expected these factors to pressure revenue in its November 2008 and February 2009 quarters, the difficult economic environment "greatly intensified" the impact.
“We are seeing unprecedented dynamics in the global markets as economic uncertainty hampers demand for consumer products,” said CEO Ed Colligan. “In order to ensure Palm’s long-term success during these uncertain times, we’re taking several steps to significantly reduce our cost structure. These measures will help us navigate this difficult period while launching our next-generation products as planned.”
The company is reducing its U.S. work force, consolidating its European operations, and shifting responsibility for Asia Pacific sales, marketing and administrative support to its U.S. offices.
American Musical Theatre of San Jose said Monday that it has closed its operations and will file Chapter 7 bankruptcy this week.
http://www.bizjournals.com/ct/rc/30414/www.bizjournals.com/sanjose/stories/2008/12/01/daily18.html
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