Palm, Inc. reported a net loss for its fiscal first quarter of 2008, ended Aug. 31, losing $0.8 million, or $0.01 per diluted share on $360.8 million in revenue. The loss represents a significant turnaround from the first quarter of 2007 when the company posted net income of $16.5 million, or $0.16 per diluted share. On a non-GAAP basis, however, the company posted a $9.7 profit. GAAP accounts for stock-based compensation expense, amortization of intangible assets and more. For the second quarter, Palm is expecting to post higher revenue between $370 million and $380 million, but to still lose between $.03 and $.01 per share on a GAAP basis. Last quarter, Palm posted net income of $15.4 million, or $0.15 per diluted share, on revenue of $401.3 million.

In an effort to counter the slide by branching into untapped markets, Palm recently announced the Centro, its first non-Treo smartphone. The device is targeted at users who may never have owned a smartphone before or are looking for something simple, the design is smaller than any of Palm’s earlier phones. It also has a new, compact design similar to the Treo 500v that fits more easily into a pocket without sacrificing a full QWERTY keyboard. Features include a 1.3-megapixel camera, 3G-level EVDO Internet access, and a 320×240 touchscreen.

Palm also recently introduced the Treo 500v. Geared for the everyday user rather than Palm’s more typical business crowd, the 500v focuses on standard e-mail, instant messaging, and web access; but unlike most phones in its range, the refreshed Treo is said to run at 3G speeds over UMTS to deliver a more broadband-like Internet connection.

In other recent Palm corporate developments, Palm recently executed on a partial buyout of the company by private equity firm Elevation Partners, giving the company a 25 percent stake in the smartphone maker for about $325 million. The move brings two former Apple executives into the company’s business, including Jon Rubinstein, the former head of Apple’s iPod division, who will become executive chairman of the company’s Board of Directors.

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