Earlier this month, Palm (NSDQ: PALM) warned investors that revenues were going to fall below expectations, and today it reported Q2 revenues on the lower end of those updated figures. The company said for the period ending Nov. 28, it recorded revenues of $191.6 million. On Dec. 1, Palm warned that revenues would fall between $190 million to $195 million, which was significantly less than the $366.9 million reported in the first quarter. “We’re working through an undeniably difficult period,” said Palm’s CEO Ed Colligan, “but near-term challenges shouldn’t overshadow the fact that we are on track to deliver a breakthrough new platform and products that will bring a truly differentiated smartphone experience to our customers and reestablish Palm as a leading innovator in the mobile industry.” Release.

SEE ALSO: Palm Says Q2 Revenues Will Disappoint; Is Cutting Quarterly Expenses By $20 Million

The company has invited the press to an event on Jan. 8 at CES that is expected to include the unveiling of its new operating system. Of course, analysts wonder if the new OS will come too late, especially in this down economic period. Along with the company’s Q2 warning, Palm said it was working to reduce expenses by $20 million to allow its cash last for longer.

Net loss: The company’s net loss for the second quarter was $508.6 million, or $4.64 a share, on a GAAP basis. The net loss included stock-based compensation of $5.8 million, amortization of intangible assets of $0.9 million, restructuring charges of $8.3 million, impairment of non-current auction rate securities of $14.3 million and accretion of series B convertible preferred stock of $2.4 million. The company’s year ago loss totaled $9.6 million, or 9 cents a share, which included stock-based compensation of $14.3 million, amortization of intangible assets of $1.0 million, restructuring charges of $10.1 million and accretion of series B convertible preferred stock of $0.8 million.