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IBM to Sell Version of 3Com's PalmPilot

September 24, 1997|Bloomberg News

Santa Clara-based 3Com Corp. said International Business Machines Corp. will resell its PalmPilot electronic organizer, a wallet-size computer that includes an electronic diary, contacts book, memo pad and other features, including the ability to read and send e-mail. It has been a runaway success for 3Com, which had already been expected to sell about 600,000 units this year, analysts said. Armonk, N.Y.-based IBM will call its version of the device IBM WorkPad; it will retail for $399. In Nasdaq trading, 3Com shares closed up $1.63 at $52; IBM shares closed down 63 cents at $103.25. 3Com reported that earnings for its fiscal first quarter ended Aug. 31 rose 13%, as sales of modems and other computer-networking products grew 28%. It said profit before a charge for its recent purchase of U.S. Robotics Corp. was $172.2 million, or 48 cents a share, up from $152.0 million, or 43 cents, for the year-ago quarter. The earnings are in line with analysts' expectations, according to IBES International.

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