Samsung Suffers First Loss Amid Global Recession

Samsung Electronics, the world's largest maker of computer memory chips, said Friday it posted its first-ever quarterly loss in the final quarter of 2008 amid the deepening global economic downturn, according to Yonhap News.

Samsung lost 20 billion won ($12 million) in the Oct.-Dec. period last year, compared with a profit of 2.21 trillion won for the same period a year ago, the company said in a regulatory filing.

Fourth-quarter operating loss reached 94 billion won, compared with a profit of 2.8 trillion won the previous year, Samsung Electronics said. Sales fell to 18.45 trillion won from 20 trillion won.

Samsung, which is also the world's largest maker of liquid-crystal displays and the No. 2 maker of mobile phones, has been hurt by sinking demand for semiconductors, mobile phones and other consumer electronics as the global economic recession has sapped demand for these products.

Until now, Samsung had never posted operating or net losses since it began announcing quarterly earnings in 2000.

The company's first-ever quarterly losses underline how South Korea's biggest company is struggling with the global economic slump, analysts say.