Palm, Inc. reported its Q1 revenue yesterday, and things don't look so good: the quarter resulted in a net loss of $0.8 million. "Analysts blamed it on increased competition from Apple and other manufacturers of high-end phones," BBC News reports.

CNET News' Tom Krazit says the iPhone is only part of the problem. "Everyone's passing palm by these days as the company has been slower than rivals like Research in Motion, Nokia, and others to introduce updated designs. It recently launched the Palm Centro to try to recapture some momentum, but the impact of that launch won't be felt until next quarter."

"Palm has ramped up product development and marketing as the Treo struggles in fierce competition from rival devices such as the BlackBerry and iPhone," notes The Register's Austin Modine. "The company also recently killed the Foleo, a sub-notebook 'companion' for the Treo, before shipping any units to the public."

More here from VNUnet ... more here from the New York Times ... and the press release is here.