First Quarterly Loss Ever For Samsung; LG Drops Too
Samsung Friday posted its first quarterly loss since it began reporting quarterly nine years ago. According to the Wall Street Journal, the South Korean electronics giant posted a net loss of $14.4 million in the quarter.
The loss was attributed to the global economic conditions, which drove down demand for electronics products and therefore affected multiple areas of the company. The company did record a full-year profit, albeit one much smaller than last year's.
Meanwhile, LG reported, also Friday, that it lost around $487 million in the last quarter of 2008. The loss, the company's first in seven quarters, was its worst ever.