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Samsung posts first quarterly loss
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Posted on Friday, January 23 2009 @ 18:55:58 CET by Thomas De Maesschalck |
South-Korean electronics giant Samsung Electronics posted its first ever quarterly loss, sales were up to 18.45 trillion won but the firm lost 20 billion won (about $14.4 million) due to dropping prices and low demand. In the same period a year earlier, Samsung reported sales of 17.48 trillion won and a profit of 2.21 trillion won.
The net loss — Samsung's first since the company began reporting results on a quarterly basis in the third quarter of 2000 — underlines the challenges facing electronics companies worldwide as major economies flounder in recession.
The Suwon, South Korea-based company has struggled with falling prices for chips and flat screens, as well as the waning consumer appetite that has hit other Asian electronics manufacturers including Japanese giant Sony Corp.
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Samsung's results showed that "our company could not escape the rapid decline in the global economy," Robert Yi, vice president for investor relations, told a conference call.
The result was not as bad as the net loss of 92.93 billion won forecast by an Associated Press survey of 10 analysts. But on an operating basis, the company racked up red ink to the tune of 940 billion won, much worse than the forecast of a loss of 319 billion won. That loss was also a first.
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Re: Samsung posts first quarterly loss (Score: 0)
by Anonymous on Saturday, January 24 2009 @ 00:01:59 CET | Some of us are waiting for the 24 and 30 inch LED backlit monitors that aren't the superr high end photographic targeted ones.
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