Samsung lost $16.2 million in profit last year compared to a fraction of that a two years ago. It is the first loss in Samsung history. Interestingly, total revenue was up but profit fell due to smaller margins on phones and televisions.

“The global economic slowdown had an adverse effect on consumer purchases of electronics goods in the fourth quarter, traditionally a strong period for electronics companies,” Samsung said.

Interestingly, and correct me if I’m off base here, Samsung is basically blaming slow holiday sales on their loss. If all it takes to tear down the world economy is a bad Christmas what’s going to happen this summer when folks really stop buying TVs (nothing on, after all) and start, potentially, going outside?