Palm beats expectations in fourth quarter; stock surges after hours

Looks like Palm (PALM) is roaring back to credibility. After the markets closed today, the Sunnyvale, Calif.-based smartphone maker reported a net loss of $105 million, or 78 cents per share, for its fourth quarter ending May 29.

While it was far worse than its loss of $43.4 million, or 40 cents per share in the same period one year ago, it did beat analysts expectations for the quarter.