Palm, Inc has reported a fall in revenues for the first quarter fiscal year 2003 ending August 30, 2002.

The handheld manufacturer announced revenues of US$172.3 million for the quarter, down 20 per cent from the $214.3 million reported for the year ago period.

Pro forma net loss in this first quarter totalled $36.4 million, or $0.06 per share, which compares with a pro forma net loss of $38.7 million, or $0.07 per share a year ago.

Actual net loss for the first quarter of fiscal year 2003 was $258.7 million, or $0.45 per share, compared with a net loss of $32.4 million, or $0.06 per share, for the first quarter of fiscal year 2002.

During the quarter Palm shipped about 819,000 Palm branded devices, bringing shipments to nearly 19 million. Its market share in US retail was 59 per cent for the week beginning August 25, 2002, the last week of the fiscal quarter.