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Palm reported better than expected revenues today of $366.9 million, above analysts' estimates of $329.9 million, but not all was rosy given it reported a net loss of $41.9 million, representing 39 cents a share, while analysts expected a loss of 20 cents a share on revenue of 329.9 million.

Palm's stock, which opened Thursday at $7.45 per share, closed the day at $8.49, a 17.75 percent increase. After-hours trading, however, brought the share down to $7.88, a drop of 7.18 percent.

CEO Ed Cooligan was optimistic during the earnings call, telling investors the handset maker is off to a "good start" for fiscal 2009 and that his plan focusing on people, products and platforms is "making great progress."

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