Leapfrog Competition in the Smartphone Industry
(p. C1) In recent years Palm lost its way. Its share of the smartphone market has been halved to about 16.9 percent over the last two years. First, Research in Motion found the sweet spot of business users with its BlackBerry. More recently, Apple grabbed consumers' fancy with the iPhone.
Palm has tried to innovate beyond the five-year-old Treo with little effect. It announced with great fanfare last year that it would build the Foleo, a cross between a smartphone and notebook computer, only to cancel the project three months later. While cellphone makers like Samsung, LG and R.I.M. brought out products to compete with the iPhone, Palm has told Treo loyalists and investors to be patient. They will need to be. Palm's stock price is down 90 percent since its high in March 2000.
Mr. Rubinstein, the executive chairman, said he is convinced he can bring Palm back. "Everyone is trying to make an iPhone killer," he said. "We are trying to make a killer Palm product."
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"Ed Colligan, left, Palm's chief executive, and Jon Rubinstein, the executive chairman, who was hired to revive the company." Source of caption and photo: online version of the NYT article quoted and cited above.