Palm in red as iPhone grabs sales

The US handheld computer maker Palm has reported a three-month loss as the launch of Apple's iPhone hit sales of its own smartphones.

It made a net loss of $841,000 (£412,000) between June and August, compared with a profit of $16.5m in the same three months of 2006.

Palm warned on 19 September that it was likely to report a loss.

Analysts blamed it on increased competition from Apple and other manufacturers of high-end phones.

It is the first set of results since Palm sold one quarter of its shares to the private equity house Elevation Partners.

Read the whole article @ BBC

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