Nov 8 Online recruitment firm Monster Worldwide
Inc reported a higher quarterly profit from continuing
operations and said it is pursuing a sale of its business in
China, among other restructuring activities.
Monster said it expects the restructuring to reduce
operating expense by about $130 million on an annualized basis.
The parent of Monster.com said its results for the third
quarter excluded the impact from China HR.com Holdings Ltd where
it reported a non-cash asset impairment charge and deferred tax
asset write-off of $225 million.
Monster took over the Chinese job site in 2008, paying $174
million for a 55 percent stake it did not already own.
New York-based Monster has been hit by a weak job market and
growing competition from social networking websites such as
The staffing sector - a barometer of economic health - has
seen a slowdown in Europe and an uncertain recovery in the
United States, where the unemployment rate currently stands at
Monster said it will restructure and focus on North America
and key European and Asian markets, and expects to earn between
5 cents and 10 cents per share for the current quarter.
"In light of the continued global economic weakness and
actions announced today, (we) will not be providing guidance for
bookings," Monster said.
Analysts on average were expecting earnings of 5 cents per
share, excluding items, according to Thomson Reuters I/B/E/S.
Net profit from continuing operations rose to $39.0 million,
or 35 cents per share for the third quarter ended September,
from $18.5 million, or 15 cents per share, a year earlier.
Excluding items, Monster earned 9 cents per share.
Revenue fell 10 percent to $221.7 million.
Monster's shares, which have fallen nearly 30 percent this
year, closed at $5.71 on Wednesday on the New York Stock