Handspring today updated the outlook for its financial performance for the fourth quarter of its fiscal year ending June 30, 2001. The company now expects revenues for Q4 to be in the range of $60 to $65 million, down from its most recent forecast of about $130 million. Handspring reported $123.8 million in revenues in Q3 2001.
Donna Dubinsky, CEO of Handspring, said, "Our projected results for the current quarter reflect short-term competitive inventory pressures, significant price reductions throughout the market and softened consumer demand over the past two months. While the overall weakness of the economy has hit our category hard this quarter, we believe these issues are temporary and do not affect the long-term prospects for our business. We will continue to deliver compelling, innovative and differentiated products that we believe will help us build leadership in the industry."