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December 2, 2008 11:05:48 AM CST

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Palm Lays Off 10% of Workforce

Posted Dec 14, 07 8:12 AM CST in Business,  Technology 

(Newser) – Palm, the struggling maker of the Treo smart phone, laid off more than 100 of its 1,150 worldwide employees this week as part of an expense-cutting restructuring. The company, facing stiffening competition, has compounded its recent woes with product launch delays and the September cancellation of the Foleo portable computer, AP reports.

Palm's fiscal second-quarter results, to be posted Tuesday, are expected to be worse than anticipated, due in part to another product launch delay. Palm now expects a second-quarter loss of 22 cents to 24 cents per share, compared to an earlier projection of a 1- to 3-cent-per-share loss.

Source Associated Press

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