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However, the poor performance of MySpace did not hold back profit improvements elsewhere at News Corp as earnings improved in response to the rebound in advertising revenue.
Export earnings improved, but volumes stagnated.
He said the sector would rebound when earnings improved.
While earnings improved, Intel said lower prices from Advanced Micro contributed to a decline in profitability.
The company added more salespeople in the afternoon and evening, and earnings improved.
On that basis, earnings improved from £245m to £260m, which the committee regarded as an achievement "between minimum and target".
Similar(40)
The strategy has served the company well, with earnings improving steadily throughout the recession and financial crisis.
"The bulls need to see the quality of earnings improve," Steven Ricchiuto, chief economist at Mizuho Securities, wrote in a note to clients.
"The market is so far ahead of the economy that unless the quality of earnings improves, the broad market is due for a consolidation".
A new contract with cheese suppliers and the ability to more quickly pass on high wheat costs to franchisees might help earnings improve later this year, he says.
"My philosophy is that stocks will not turn or improve until the fundamentals and earnings improve," said David Garza, an analyst for Roxbury Capital Management, a fund manager in Los Angeles, who has invested in consumer products companies in the past.
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