Palm Inc. today released its first full quarter of earnings as an independent company and, apart from separation costs accrued when the company was spun off from 3Com Corp., it reported a net income of $16.9 million, up 147% when compared with net income of $6.8 million a year ago. For the quarter that ended June 2, Palm reported revenues of $350.2 million, up 101% from last year's revenues of $174.3 million.
Palm is a provider of personal digital assistants and the developer of the Palm OS platform, which serves as the foundation for its handheld PCs and products from itself and partners such as IBM, Qualcomm, and Franklin Covey. Once a division of networking products and service provider 3Com, Palm was spun off as an independent company late last year.
Palm actually lost $19.6 million this year because of separation costs. Its net income for fiscal year 2000 was $57.5 million, or 11 cents per share, up 81% from fiscal year 1999, when net income was $31.8 million, or 6 cents per share.