News Corporation announced its Q1 financials last night, with overall revenues of $8.8 billion and a profit of $839 million. However, operating losses increased in the company’s digital media group, which includes MySpace. News Corp’s Chase Carey admitted that MySpace remains “a work in progress”. CEO Rupert Murdoch was more positive though: “We’ve got to admit that during the last two or three years, I think we made some big mistakes. But we’ve got fine new management now; they’ve started to introducing new features. There’ll be a lot of changes coming through the summer. The early indications–and they’re only early indications–are we’re getting more visitors and they’re staying longer. When that gets more substantial, we’ll get more advertising.” Source: PaidContent
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