Samsung Reports Dreary 1Q Numbers

Samsung Electronics (005930.KS) didn’t have a lot of good news to share with its investors Friday.

The company reported net income fell to $460 million in the first quarter of 2009 – a 72 percent drop from the same period last year. Operating losses in Samsung’s component businesses outweighed the improvements the company’s seen recently in sales of consumer products, like mobile phones.

This is only the second loss Samsung has suffered since it started reporting quarterly earnings nine years ago. The first loss, of course, was the fourth quarter of 2008.

What does the future hold? The company believes 2Q will be a little better, but its most profitable unit – its memory chip business – is still struggling.

Samsung stock fell nearly 6 percent in the Korean market Friday.


Leave a comment

Your email address will not be published. Required fields are marked *

The ID is: 78362