PalmSource stock (symbol:
PSRC) fell by more than 10% in after-hours trading today when the company reported fourth-fiscal quarter revenue that slipped from last year and issued a forecast for the current period that was well below analysts' expectations.
The company saw revenue slip nearly 2% for its fourth fiscal quarter, though earnings for the period got a boost from selling its rights to the "Palm" brand to PalmOne last month. The company reported earnings of $18.3 million, or $1.12 a share, compared to a loss of $2.9 million, or 23 cents a share, for the same period last year. Revenue declined to $17.3 million from $17.6 million last year.
PalmSource also announced that it would restructure by cutting 16 percent of its U.S. work force, with a majority of the cuts in "middle and senior management positions, including three senior vice presidents."
Read the full first quarter results
here and to listen to the archived earnings call
click here.