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Palm warns of fourth-quarter loss, cuts 250 jobs

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Santa Clara, Calif.--Palm Inc. said late Tuesday it expects to report a net loss of 8 cents a share in the fourth quarter, with sales between $300 million and $315 million. Analysts had expected the company to earn about 3 cents a share in the fourth quarter on sales of $572.62 million. Palm CEO Carl Yankowski said in a statement that Palm has recently begun to feel the effects of the "deteriorating macroeconomic environment," which has resulted in a reduced order rate of its popular hand-held devices, and what appears to be a sector slowdown. Palm also said it plans to cut 250 jobs, about 15% of its total workforce, and will hold off on building a new headquarters in San Jose.
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