26 Jan 09 Cell Phone Manufacturers Report Losses
Samsung, Nokia, and LG all reported heavy fourth quarter losses last week, with Samsung reporting its first quarterly loss in 8 years. Samsung lost $14.4 million for the 2008 quarter that ended December 31st. LG posted a staggering loss for the same period of $487 million and predicts continued losses all through 2009. Nokia saw fourth quarter 2008 profit fall 69%, down to $743.62 million from $2.39 billion for the fourth quarter in 2007.
Cell phone manufacturers and service providers are struggling with a severe downturn in the global economy that has caused consumers to pull back, and holding off upgrading to the hottest new phone is apparently one of the first cuts Americans are making. While sales fell all around, the market has recently seen dramatic declines in land line use in favor of cell phone service only. The credit crunch has also impacted cell phone manufacturers and service providers, with increasing numbers of credit card defaults making it harder to find viable new customers.
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