Palm raises $360 million in public stock offering

Demand high despite dependency on new product launches

Palm raises $360 million in public stock offering
Palm is facing difficult times. The Pre has performed admirably, and shows great promise for – and public approval of – the company's new WebOS platform, as much as the Pre.

In an effort to extend its corporate re-emergence, Palm offered 20 million public shares, which has raised an impressive $359.9 million, according to MocoNews.

Palm has earmarked the capital for 'general corporate purposes', which sounds disconcertingly vague, though is presumably a cushion to absorb some of the blow when its second quarter revenues fall, as the smartphone manufacturer expects them to.

Its initial success was due to new hardware launch, which Palm won't be repeating in its second quarter, hence the expected drop in earnings.

However, the Pre is finally making its way to new territories, such as the UK, which could yet continue the device's fortunes should it find a foothold outside of the US.

Stock trading has been bolstered by rumours of a buyout, though as yet there's no indications that any competitors are looking at Palm as a possible acquisition.

Yes. Spanner's his real name. And, yes, he's heard that joke before.