Palm announced today that it is canceling the Foleo, which has been labeled as a “mobile companion” for your smartphone. The cancelation will reportedly cost Palm $10 million, and the announcement was made on the official Palm Blog.

CEO Ed Colligan stated, “In the course of the past several months, it has become clear that the right path for Palm is to offer a single, consistent user experience around this new platform design and a single focus for our platform development efforts.”

While I don’t think too many people will be disappointed by this move, it will be interesting to see the “next generation platform” that Palm is working on.

Tags: palm, foleo, smartphone