MySpace's revenue for the year ending June 20 will be just $109 million, according to documents distributed to potential buyers of the dying social network. Just a few years ago, the company was pulling in upwards of $900 million.
Due to the revenue tumble, MySpace will lose $165 million in the current fiscal year, according to Mike Arrington at TechCrunch, who obtained the documents. MySpace was making $300 million a year on Google ads alone in 2008 and 2009; 2008 revenue is thought to have come to around $900 million.
The ailing social network offers potential acquirers one way to save the company: gut it. By reducing expenses to $69 million from the current $274 million, the company can actually eke out an operating profit—or so say projections from MySpace's current owner News Corp. That's probably what Facebook spends on cafeteria food these days.