Palm has being doing pretty well for itself since the official launch of the Pre smartphone a few weeks back. Its application store is actually doing decently against the iTunes App Store when the number of handsets in the field is considered and the phone is selling out for Sprint.

Palm announced its Q4 and fiscal year 2009 earnings yesterday. The revenue for the company was $86.8 million for Q4 FY 2009. For the same quarter, gross profit was $20.1 million and the gross margin was 23.1%.

Palm says that in accordance with its GAAP subscription accounting treatment revenues and costs of revenues for the Pre is deferred over the products estimated economic life. Palm says that it shipped 351,000 smartphones during the quarter, a 6% increase from the previous quarter. Palm didn’t specify how many Pre’s it sold during the quarter.

[via Palm (PDF)]