News Corp.'s Fox Interactive Media group, which includes MySpace and other web sites, will miss the company's goals of $1 billion in revenue and $200 million in operating profit. FIM chief revenue officer Michael Barrett will leave and the company will reorg its sales team.
TechCrunch first reported the story late Thursday night, and says FIM will likely hit $900 million in revenue and will be "much closer to break even". We've heard the miss could be even bigger, though FIM execs say the $900 million estimate is reasonable. They do dispute the "break even" assertion; they tell us the company will have a comfortable operating earnings margin. A FIM spokesperson says only that "we expect to be close to our target," with regard to revenue, but wouldn't discuss profits.