Palm today reported financial results for its fiscal Q4 (FQ4) and fiscal year 2007 (FY 2007), which ended on May 31 of this year.

Driven by strong smartphone sales, which were up 43% to more than 750,000 units year-over-year in FQ4, the company achieved sales of $401.3 million in FQ4 and $1.56 billion for FY 2007, which were both flat in comparison with the year-ago results. Profits came in at $15.3 million and $56.3 million, sharply down from $56.4 million for FQ4 2006 and $336.2 million in FY 2006. 

Palm’s smartphone revenue ($344.2 million in FQ4) now account for 86% of the company’s sales.