Digital Trends writes: “Today in a lengthy post on the company blog, Palm CEO Ed Colligan officially closed the book on the Foleo, announcing Palm was canceling development of the product in order to focus on its core smartphone business. “Foleo is based on second platform and a separate development environment, and we need to focus our efforts on one platform,” Colligan wrote.

“Our own evaluation and early market feedback were telling us that we still have a number of improvements to make Foleo a world-class product, and we can not afford to make those improvements on a platform that is not central to our core focus. That would not be right for our customers or for our developer community.”

“Palm apparently still believes the market targeted by the Foleo product has “enormous potential,” and promises to follow up on the Foleo effort with a Foleo II in the future. However, canceling the Foleo product will result in a $10 million hit to Palm’s bottom line.”