Palm losses mount despite the Pre

From CNET News.com: Sales of the Pre helped boost Palm's smartphone sales in the company's fiscal first quarter of 2010 by about 134 percent compared to the preceding quarter, but Palm still reported its eighth consecutive quarter of loss, and sales dipped over 80 percent.

The Palm Pre, available exclusively through Sprint Nextel, is gaining traction. The company sold 823,000 smartphones in the fiscal first quarter. Many of those smartphones are believed to be the Pre.

But even though sales of the Pre were strong, Palm still ended up losing $164.5 million, or $1.17 per share in its fiscal first quarter. Still, the company's losses beat analyst expectations. Excluding items, the company posted a loss of 10 cents a share. Analysts had predicted a loss of 25 cents a share, according to Reuters.

Palm's sales declined to $68 million. But on a non-GAAP basis, revenue came in at $360.7 million. Wall Street analysts had predicted between $289 million and $297 million.

Palm has struggled to regain footing after losing market share over the last couple of years to companies like Apple with its iPhone and Research In Motion, maker of the BlackBerry devices. The Pre has been seen as the company's last hope at getting back in the game.

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