Breaking news- Palm cancels the Foleo

Say what you want about the Palm Foleo smartphone companion it has generated a lot of conversation in the mobile tech space.  That conversation is about to get a lot louder as Palm CEO Ed Colligan announced on the Palm blog that the Foleo is being canceled so the company can concentrate on its next generation line of smartphones.

In the course of the past several months, it has become clear that theright path for Palm is to offer a single, consistent user experiencearound this new platform design and a single focus for our platformdevelopment efforts. To that end, and after careful deliberation, Ihave decided to cancel the Foleo mobile companion product in itscurrent configuration and focus all of our energies on delivering outnext generation platform and the first smartphones that will bring thisplatform to market. We will, of course, continue to develop products inpartnership with Microsoft on the Windows Mobile platform, but from ourinternal platform development perspective, we will focus on only one.

Reading on in the post the decision to cancel the Foleo this close to shipping will force Palm to take a $10 million charge against earnings.  Ouch.

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