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MySpace Lost $150M In Last 3 Months

MySpace lost parent News Corp. $150 million for the quarter that ended March 31st compared with an $88 million loss a year earlier. The fall of MySpace was just one of the stories behind a mixed report to investors from the media giant.

News Corp. earned $839 million in the fiscal third quarter. That's a 69% drop in net income from a year earlier. The bright spot is that operating income grew 55& to $1.25 billion up from $810 million a year earlier. A major reason for the increase is a rebound in ad sales, which would benefit MySpace too …if its numbers weren't dropping.