Korean Job Discussion Forums

[Alyssa]

OH NO, WHAT A SHOCK........
I guess it had to happen soon, this will have a huge effect on all
since samsunk is the main boat for koreans.



Samsung�s First Quarterly Loss Comes as Shock



By Kim Yoo-chul
Staff Reporter

Samsung Electronics, the world's biggest maker of computer memory chips, posted its first quarterly loss in the fourth quater of 2008, as the deteriorating global market has dragged down the profits of its major products ― chips, flat-screens and mobile phones.

The consumer electronics giant reported Friday its net loss of 22.2 billion won with an operating loss of 940 billion won in the fourth quarter.

Sales for the Oct.-Dec. period were 18.45 trillion won. Samsung said its net profit for 2008 also declined 25 percent to 5.53 trillion won, compared with 7.43 trillion won the previous year.

It was Samsung's first loss since the company started disclosing a quarterly earnings report in the third quarter of 2000.

The stock price of Samsung Electronics declined by 19,000 won to close at 442,000 won on the main bourse. The stock market will open Wednesday after the four-day Lunar New Year holiday.

``Demand for consumer electronic products such as PCs, high-end portable items and flat-screen TVs is very low as the global recession spreads,'' Robert Yi, Samsung's new investor relations (IR) chief, said at a press conference held at its headquarters in Seocho-dong, southern Seoul. Yi recently became the company's IR officer, replacing Chu Woo-sik.

``It's an earnings shock. But the problem is the current first quarter which could be even worse as there is no immediate sign that the global consumer market will immediately turn around,'' said Kim Gee-soo, an analyst at Goodmorning Shinhan Securities.

[Guri Guy]

Good Karma. ^^

[Alyssa]

Woops, this should be a warning for all teachers. If you have a bunch of money now might be the chance to think about putting it in something to keep your savings safe.


http://english.chosun.com/w21data/html/news/200901/200901230007.html
Economic Plunge Steeper Than Expected



Alarm Bells Ring as Exports to China Plummet
Hong Kong Is Korea's Most Profitable Trade Partner
No Time to Wait for Chinese Recovery
Korea Posts Current Account Surplus but Exports Plunge
Korean Economy Faces Minus Growth
New Economic Team Determined to Fight Crisis
U.S. Could Step Up Import Regulations on Korea
Scuffles as Korea-U.S. FTA Begins Legislative Journey
China Rejects U.S. Trade Allegations
Growing Protectionism Spells Trouble for Korean Exports
Korea Losing in 3-Way Trade with Japan, China



Korea's economy is slowing much faster than the United States' or China's due to its greater exposure to global factors. Exports account for a huge portion of Korea's economy -- 45.1 percent of gross domestic product.
Growth slowed down throughout last year. First quarter growth was 5.8 percent, falling to 4.8 percent in the second quarter and to 3.8 percent in the third. The global financial crisis triggered by the bankruptcy of fourth-ranked U.S. investment bank Lehman Brothers on Sept. 15 last year resulted in -3.4 percent GDP growth in the fourth quarter.

A Bank of Korea official said the economy plunged much more steeply than anticipated after some manufacturers began to cut output in December while the three major indexes measuring production, investments and consumption all worsened.





Samsung Electronics yesterday posted its first quarterly loss in eight years - a sign that even the mighty technology giant has succumbed to the global economic downturn.
And the worst is yet to come.

A Samsung executive told The Korea Herald that the company will likely see its worst quarter in the January to March period, as consumer demand is worsening.

The company reported a wider-than-expected operating loss of 740 billion won in the fourth quarter of 2008, driven by poor demand for memory chips, flat-panels, flat-panel TVs and mobile phones, all markets in which Samsung is a leading player.

This is the first time that Samsung has posted a quarterly loss since it began announcing its quarterly earnings in 2000.

Many analysts described the results as "an earnings shock" and presented a grim outlook.

"We expected Samsung's earnings to bottom out in the fourth quarter, but now I am worried that the company will remain at the bottom in the first and second quarter," Kim Hyun-wook, an analyst at KB Asset Management, said.

[GoldMember]

So a big company has lost money. Not a problem in any other country. Except when the said company represents 25% OF THE WHOLE COUNTRY!
Its called putting all of your eggs in the one basket.

[cdninkorea]

Really Alyssa, I don't get it: you hated Korea when you were here, complained about it incessently, and now that you're gone, you still frequent this forum.
Why? I hated high school; you think I'm going to be attending any reunions?

[ChinaBoy]

I'm confused. The Great Wall is in China. Samsung didn't build it.

[SHANE02]

[Guri Guy]

[Alyssa]

[michaelambling]

[T-J]