The Palm Centro is designed to be comparable to Research in Motion's (NASDAQ: RIMM | charts | news | PowerRating) Blackberry Pearl, but is lower priced than other devices currently on the market. The Centro features a full keyboard for typing text message or email, and a touch screen similar to one found on Apple's (NASDAQ: AAPL | charts | news | PowerRating) iPhone.
According to Palm CEO Ed Collgan smart phone consumers currently account for around 5% of all cell phone users, and many potential customers are turned off by the high price of the devices.
The Centro will launch in October and Sprint Nextel will be the exclusive carrier of the device for the first few months.
Shares of Palm, which has struggled recently against competition from other smart phone makers, rose 5% on the news Friday.
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