A 3-day-old infant, born to a mother with preeclampsia, suffered intrauterine asphyxia and subsequently had multiple erythematous subcutaneous plaques and nodules. The clinical setting, the skin manifestations, and the histologic appearance of the lesions were diagnostic of subcutaneous fat necrosis of the newborn. Transient thrombocytopenia was noted with the appearance of the skin lesions, but returned to normal as the skin lesions spontaneously resolved.