We don't know just how quickly Palm (or Elevation Partners, for that matter) thought it'd become profitable following the release of webOS, but it's not there quite yet -- the company is in the process of outing its earnings for the second quarter of fiscal year 2010 right now, and in a word, they're still in the red. The good news is that it's a marked improvement from last quarter -- they've gone from a $164.5M GAAP net loss to an $85.4M one this time around. They've got $590 million in cash and other "short-term investments" on the book right now, which seems like it should be enough to keep the company going without a profit or additio
