News Corp 4Q loss hits $203M on MySpace writedown
August 5, 2009(AP) -- Global media company News Corp. says its fourth-quarter net loss hit $203 million due to huge impairment charges at MySpace, while its operating profit for the year was slightly worse than it predicted due to the weak economy.
The net loss of 8 cents per share compares with a net profit of $1.1 billion, or 43 cents per share, in the same quarter a year ago. The results included $680 million in charges, mainly at Fox Interactive Media, which houses MySpace. Adjusted operating income fell 30 percent to $948 million.
For the year, adjusted operating income fell 33 percent to $3.56 billion, slightly worse than the 30 percent drop the company forecast.
Revenue fell 11 percent to $7.67 billion.
Analysts polled by Thomson Reuters expected revenue of $7.63 billion.
©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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