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Bebo's profits fall by 143 per cent

A post-tax profit of £2.6m in the previous year was followed by a loss of £1.1m to May 2009, accordi

The huge losses forced AOL to make the decision to sell or shut down Bebo, according to the newspaper. Bebo has been shut out of the social networking market by the internet giant Facebook.

The figures, released by Companies House to the Guardian, showed that turnover fell by 29 per cent over the period, from £8.8m to £6.2m while operating profits were down 32 per cent.

Together with rising wages, this forced parent company AOL to review the business, with the decision to sell or close the service expected this year.