Its obvious that Palm’s WebOS was the turning point for the company, both in terms of product and future profitability. The question remains though: when is Palm going to make it out of the red? Not this time apparently, as the company posted a significant $85.4 million loss in the last quarter. We do not mean to play that number down (or up?) at all though, since it is in fact a significant achievement for Palm. Last year this time the company was suffering under the weight of a $164.5 million loss. Yikes.

Our bright spots for this quarter include earnings, which are up $5.5M from the previous quarter’s $2.8M. The company also has $590M sitting around in cash and short-term investments, so the next few quarters certainly look stable enough.

On the product side of things, Palm has stated that its goal for this quarter is to expand to new carrier and geographic areas, which will happen in a big way when Verizon launches its own Palm product(s). In other product-related news, Palm says the app catelog currently contains over 800 apps, but once that “Early Access Program” finishes, new apps should start to “flood” in.

[Via Engadget]