In a clear sign that the U.S. consumer is falling off a cliff, PALM expects Q3 results that are 45% below forecasts. The company now expects revenues of 85MM-90MM vs estimates of 163.22MM. These are remarkably bad numbers and a clear sign that tech is falling into the same abyss the rest of the economy currently resides in. I know PALM is not a terribly important company in the grand scheme of things, but a 45% miss means the problems in other segments of the economy are likely worse than expected as well. Probably not as bad as PALM, but bad….
Google also announced: ” We are not immune to this. Ultimately the pain felt by companies worldwide will sometime translate to our world.”
Not a good sign for tomorrow’s open. Futures have ticked down over 1%.