Shares of troubled smartphone manufacturer
surged Thursday as investors warmed to the launch of the firm's new touch-screen phone and its long-awaited webOS operating system.
Buoyed by the launch at the
, shares of the struggling tech giant climbed 34.9%, or $1.15, to reach $4.45 at the close of trading.
Palm will now be hoping that the Pre Phone and the new operating system will help turn the company's fortunes around after a difficult few months marked by slowing sales and a plunging share price.
Offering both an iPhone-style touchscreen and a slide-out keyboard, the 3G Pre phone will be available from
during the first half of 2009.
Palm, which recently received a
from its private-equity backer
, has not had the easiest of times recently. Even disregarding the huge tax allowance that threw a half-billion dollar loss on the books for the second quarter that Palm reported last month, the company still had an operating loss of $77.5 million on revenue of $191.6 million, which was down 45% from a year earlier.
Faced with stiff competition from
Research In Motion
, and Google, Palm posted a pretax loss of $140 million for the latest six-month period.
's senior tech reporter Gary Krakow is currently stalking the halls at CES, so keep your eyes peeled for a more detailed report on Palm's latest technology.